As an investor your goal is probably to have a small positive flow each month (that grows). If the houses are priced at $x per square foot, then the monthly PITI will calculate out to around 90% of x to give positive cash flow. This ignores continuing maintenance cost and down payment/closing costs invested upfront.
Rentals in Plano tend to rent around $.75 psf but min and max are much wider $.60-$1.10. Your target investment requiring a cost of $.54 to $.99 psf, average $.68 PITI is difficult to find. The price range for houses under $200k with 1,500 sf or more calculates to a PITI of $.83 psf on average, $.76 to $1.02. So, only a limited number of the properties can provide sufficient income even to pay the mortgage, much less to provide positive income. Even with initial depreciation flow of 0.27% of price cash flow will be meager.
Ask your Realtor to help you locate areas where rental prices more closely track the sales prices.
If you need more information, please feel free to email me at firstname.lastname@example.org
Single family is the most popular investment purchase I'm seeing right now, and has been for the last three years.
Keep in mind that 'good school area' includes more than just West Plano. You're making that assumption off reputation. There are plenty of great schools in the North Dallas suburbs.
As for where you invest, there are too many other questions that would have to be posed to you to determine the 'where?' in this setting. Feel free to call and set up an appointment and we can talk more specifically about your goals. My offices are in Plano and Prosper.
Have a blessed day!