The rental market is buoyant at the moment, but bear in mind some experts say property will go down in value more. Plus, buy-to-let mortgages are expensive at the moment - so talk to an independent adviser as set-up fees and interest rates are relatively high.
If you have a good-sized deposit and are going into it for income rather than growth, it could be a good idea - but you will pay tax on the rental income, although can offset many costs against tax - the Revenue website will give you more information on this.
Also, it is a buyer's market, so take your time in finding a suitable property and haggle if you can.
Talk to rental agents and find out which would be the good areas - look for somewhere within range of lots of employers and close to good transport links.
Don't buy a one-bedroom property, and a newer build will mean less maintenance.
Work on letting 10 months of the year, and make sure you have a good contract drawn up. We use an agent to find tenants, but manage it ourselves, but live quite close by.
Keep good records - you'll need them for your tax return - and consider having a separate business account for the property rental.
Make sure prospective tenants go through credit checks, and ensure you comply with the law - you need a gas safety certificate, possibly an energy certificate and to put the deposit into a special scheme rather than hold it yourself.
Build in regular inspections of your property - e.g every 2 months. This allows your tenant to raise any issues with you, as well as you checking everything is ok.
Remember your tenant is your customer and worth looking after - we always leave a bottle of bubbly and "welcome to your new home" card when a new tenant comes in - the longer they stay, the more money you save on agent's finding fees and the risk of a void between tenants - although there seem to be more tenants than property available at the moment.
Good luck if you decide to go ahead.