Your not correct under many different circumstances.First property tax is 1.1% (fairly safe) with 2% annual increase (prop 13).Next expenses include a lot more than property tax and interest. 

Quote from @Roger D Jones: Emory,Great question but a lot to unpack. 

What is unit mix of 1/2/3 bedrooms? 

I also think what a lot of people on BP miss is the percentage of homes that are either owned by super wealthy investors or just investors is very low.

Smaller SFH = less maintenance , there are lots of single looking for a place to live .

Maybe an investor is flipping a lot of properties and you could offer to pick up and deliver materials to his crews, clean the work sites every night, bring his crew lunch, or whatever.Find a way to make yourself useful to them, and they will reciprocate.

Also are you planning to hold the lot?

Good potential for appreciation/rent growth upside as well in the next 5-10 years in my opinion with the market still being one of the most affordable in the country.

Verifying last 2 years of rental history very important!

Centerpoint is very popular because of the price points.