Factory equipment investing as an alternative to real-estate investing? [ask HN]

I understand that many people find real-estate investing appealing for several reasons, including the fact that real-estate appreciates in value, generates a recurring income stream, and has preferential tax treatment.

I see the appeal, but I feel that (like stock market investing), real-estate investing is ethically neutral. If possible, it would be nice to be able to have the money accomplish something socially beneficial, something more than just making a return.

I was thinking, what if instead of real-estate investing, what if tech people like us were to invest in factory equipment? E.g. pick & place machines, reflow soldering machines, 3D printers, CNCs, DNA synthesis machines, etc. Just like buying a house and renting it out to tenants, one could buy a (probably used) machine that is on the market at a favorable price, mod / upgrade it to increase its value, and then rent it out to anyone who wants to start or expand a factory but doesn't have a lot of capital.

If a lot of us do this, it could make it easier for people in the west to start and expand factories, and ultimately expand the domestic manufacturing industry / maker movement.

It seems like main difference would be that equipment (unlike real-estate) would naturally tend to decrease in value over time, but I propose that this could be counteracted by (1) avoiding equipment that is extremely quickly obsoleted such as bitcoin-mining rigs and (2) by keeping the equipment in good repair and upgrading it over time with aftermarket modifications.

Any thoughts on whether this approach would be feasible as a way to turn small-scale investment income into monthly recurring revenue?

Cheers and happy holidays!