This sounds reasonable, but I would encourage to consider investing in a lower cost market. Your $50k might by you a $300-400k property in your market, but possibly the most important question is: will it cashflow?
If you could rent that property for $3k-$4k monthly and experience low vacancy then that's a great situation! If you would be renting it less than that or have predictably high vacancy, then your money may be better used in a different market. This is a great way to build even more diversification int your investing :)