Is investing in a rental property a good idea?

I am thinking about buying a block of land un Portland to build to rental property. It is 2.4kms from the town centre and on the road that heads to Cape Bridgewster which is a magical place. Prices have now boomed and I am worried I am buying in too late. My question is would there be demand for a new 4br home to rent in Portland and for a good rental rate?. The town is really progressing I think but maybe the quaint town has sucked me in with its charm. The distance from main towns is also a concern..Thank you