Don't try to over analyze a bad deal and try to rationalize ways that it could theoretically work out. 

Property taxes and insurance are high in TX which means that a 1% ration will produce a lower cash on cash return than market like Kansas City or Indianapolis with similar rent ratio's but lower operating costs.

Most rational people have come to grips with the fact that 2008 isn't going to happen again in our lifetimes and work with what's in front of us.

My rational is that there are actually more costs associated with owning a rental property- repairs budget, capital expenditures, property manager fee, vacancy.

I just finished Dream Big which is more about the mentality of good managers but it has a lot of great rational behind it.

We, as humans, are not one-bit rational beings. 

Originally posted by @Joe Splitrock:Unfortunately there has been too much rationalization of poor decisions with statements like, "everyone needs a place to live".

Timing the market indeed doesn’t work but you don’t have to do it if you know what you do.I’m amazed to see that many real estate investors will buy real estate rationally but can’t seem to be able to look at stocks the same way.To simplify, when looking at the property, you look at the price and you then determine the value.

Speaking from experience:People often have deep-seated views of money that are not rational (in the sense that you can explain the facts of an opportunity and reason out the best course of action). 

But you need a model to follow or carefully depart from, and a series of rational explanation for why that model works.