Yes, your return depends on on "how well" you can purchase a property and which price-point you go after. There is still ample inventory of foreclosures. I've seen straight cap rates anywhere from 5-8% and higher ... excluding up-front equity at the time of purchase (8% to 15% to 20%) or property appreciation over time.
Generally speaking, higher priced homes will give you less of a return. For example: rental inventory in the Champions area is about 10 days for homes that rent from $800 to $899. Other lower rental ranges are around 30 days of inventory. There is more activity in the $1200-1300 range, etc. If you are renting at $1800 and higher, there is over two months of inventory (for homes without pools) and about 4 months (for homes with pools) in the Champions area. With a good grasp of the market, you should be able to beat the averages. And be cautions of certain areas.
I have rental analysis if you'd like to see a serious overview of the investor rental market. If you're seriously considering investing, let me know and I can share.