How to solve the financing in personal name question, especially with multiple unrelated parties, is another complicating factor (but if you go directly to an LLC/DST, the loan will be commercial so that might solve this question). 

And after factoring in all of your expenses you would be paid almost $150 to live there?

You will also need to remember to factor in property management costs unless you plan on living in the area and self-managing. 

Are they wrong or am I missing another factor that could make this area worthwhile? 

The rates vary and depend on a few factors like credit score, LTV, property type, market, etc but it's not unheard of to be in the 5.25% - 6.5% range for a 30 yr fixed rate. 

The other factor is the type of engagement you have.

Especially when you factor in your marketing costs. 

Gotta factor in closing cost and the 6.5 points of origination fees plus the cost on the back end to sell the property.  

Other important factors include: Do you get a match from your employer? 

And have you factored that into your numbers?