I know im super late to this conversation but thought id add a little something for those who stumble upon this thread in the future.
I've lived in El Paso for nearly 6 years (2012-2018) and have one rental property there. The advice i've read above seems spot on. Personally, i'm an optimist and believe there is opportunity everywhere-this includes El Paso. However, the thing that concerns me is the current state of supply and demand. Its definitely a renters market right now. There was a surge of homes and apartments that's been built starting in '09 and hasn't stopped since. Many soldiers are guaranteed a VA loan and more often then not, paying a mortgage is cheaper then the current rental rates. This has lead a lot of military soldiers to invest in homes that they later rent out when they change duty stations.
The newer neighborhoods on the Far east side are beautiful but it seems they start to deteriorate once the original owner moves out and new renters come in. Its barely noticeable at first. It starts off with one or 2 homes but as the years pass it becomes half the neighborhood with "for rent" signs in front and the weeds begin to sprout up.
With that said, I go back to my original point where there is money to be made.