My original mortgage was a fraction of rents/mortgage for the same house, so my personal housing expenses were relatively quite low too.  

(No affiliation) Haven't used them yet but figure the closing costs will be a fraction of the refi.

I agree with @Natalie Vane You can get used ones at a fraction of the cost, and work just fine.  

The cash flow for cheap properties in other parts of the country can sound tempting especially when you can purchase for a fraction of the cost of a home here.

The state only gives us a fraction of a point per transaction and you have to have quite a few points in addition to the 3 years here in Utah anyway.  

You loose a ton of efficiency and suffer an extremely reduced lifetime with only a fraction of an inch of scale.

It doesn't seem very logical to try to mathematically fraction out what portion of the home is occupied by you.

In some areas, it can be a draftsman, which do mostly the same thing for a fraction of the price.

While no one can deny that  saving even a a few fractions of a percentage in interest rates is a good thing, what most people end up doing is prolonging the time they carry such debt, and thus paying more interests in the long term, which I guess is a good thing for people in the lending industry.

Here are some ways you might be able to achieve that kind of return:Find a property for a fraction of what it's worth (marketing to motivated sellers, nonconventional transactions).Find a secondary market that isn't hot, or is maybe even a little depressed (not Austin or Dallas).Become a slum lord - but most of us know how that turns out, and you even say you're looking for quality renters.Finding something that's easy to sell, easy to rent with a quality renter, and has 10 - 15% cash-on-cash returns - you're going to have to be willing to do a lot of marketing/networking to find that.