My Dad's selling a place right now that he bought near 184 St and 87 Ave. He's rented it out for the last year, and he's going to make a pretty penny off of it. Find the right place around there and you should be able to make good coin. I'm not sure exactly what the area is called, though. Nice area, pretty close to the mall, some renters will like that.
St. Albert is a great place, I lived there nearly my whole life before moving to Calgary, but I don't think it's the best place to buy for investment purposes. I think a lot of the features some areas in Edmonton have to offer would make it easier to find renters around there.
If I were to buy a house for myself in the Edmonton area, it would be St. Albert, though. The old Grandin area. I love that area.
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