Buy low, rent high?

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I guess I've already sort of started out, but perhaps it's not a very good start. I have a single family home that makes $1000 in rent but costs $1500 in mortgage. I guess it's not so bad, though, because it also increased $150,000 in value since I bought it in summer 2004.

So, that place makes a good long term investment, but I think I want to get some places that acutally give me income every month. I guess I'm just fishing for where to start with this. My plan is to perhaps 1031 the place I own and try to get an apartment building. I figure something with a lot of units would make a decent income. Here's something that I came up with, just as an example:

http://realtor.com/Prop/1056864059

Is this too good to be true? I assume this is 26 rather similar units, so that would (I think) be $375/month * 26 units = $9,750/month rent. Then there would be perhaps a $2,500/mortgage, and some maintenance and management fees. So Maybe it would make $6,000/month profit? Really!? Can this be!!??

Is it common to find a place that makes so much more in rent than it costs to buy? I'm used to the California market where buildings are so expensive that mortgages are just as much, if not more than rent.

What is a common rent to mortgage ratio on an investment property?