You're not delusional by any means. In this market, homes are so devalued, they are below replacement cost and rental cost. So you could definitely make money, in most situations, by buying a house a renting it out.
I guess the question I would ask is why would you pass up the opportunity to buy and pay lower mortgage payments than rent? Why would you buy now and rent it out for positive cash flow only to buy later down the road with who knows what prices and interest rate?
There are more questions to think through...
Tied to your success,
Cary Sanders, REALTOR
Experienced Leadership You Can Trust
ERA Cornerstone Realty Group