The HOA typically just kill your profit.
Single family tends to work much better.
Often the purchase price vs rent doesn't work well with condos either in Texas.
Find a good 3/2/2 with rent that matches salaries in the area. You'll likely have a bigger market, less headaches, and better returns.
The main difference might be price points. There are one bed/one bath condos around that may sell less than a 3/2/2 house. It's hard if not impossible to find a house for the same price as a 1/1/1 .
And, watering a yard properly can be an expense.
Either way, its all about the margins, as I mentioned in my other post to your other question.
Location of town will also play a role in strategizing because some areas can appreciate faster and hold stronger later.
There's another secret too. How to get 10-30% higher rents, tenant after tenant.
I'll share that with you if you were to inquire.
Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012) Call 512-261-4415