Is there something that I'm missing?

[Tarrek El-Saadi]

I'm just dipping my toes into the real estate realm and want to purchase an investment property. I feel like I'm having a serious information gap with buy and hold strategies, especially turnkey. Purchasing these properties for $80,000, 20% down, makes the mortgage and tax payment to less than $400, but properties in these areas are renting for $800? I don't know if I'm missing something but that's a $400/mo return (minus any property management fees, vacancy expenses, and depreciation expenses). Then you can turn around and borrow another loan against the equity on the home you just bought and do it again. Is it really that simple or am I completely missing something? Again, brand new to this and just looking at properties on zillow, realtor, and turnkey agencies.