Is it good to buy a rental property in Merced,CA?

[Varsha Kgan]

I see new construction homes costing around $525+ for 5 bed rooms 3 bed rooms in Merced. They seem to rent between $2300 (slow season) to $2800 (good season). I hear there may be medical colleges , + 1000 jobs from some company etc. come up there to attribute to appreciation. Curious to hear your thoughts whether investing in such a property would be a good idea. Thank you. 

[Erik Estrada]

Quote from @Varsha Kgan:

Thank you for your response. Considering buying with cash. 

 That's a lot of cash for very little return. Some high interest savings accounts are paying close to 4% with less risk and expense  than owning a rental. What is the long term play here?