Hi There,
I know this is an old post – but having just come back from the States 2 weeks ago – my experience has been a VERY positive one.
We looked at both new residential & commercial property in certain parts of Texas & it is indeed positive cashflow – once all costs are taken into account. I have ascertained that about 11% is break even & anything above that is usually positively geared.
The properties are cheaper in America – but that is because property in Australia is expensive. Land is cheaper, labour is cheaper, building costs are cheaper – so the final package is cheaper – compared to Australia. We saw many examples of very nice 20 square new 3 bedroom 2 bathroom homes on blocks of 60×120'  with 12' ceilings, polished floorboards in common areas, granite bench tops, moulded skirting boards & cornices & panelled doors – for US$160,000. That is typical – not cheap.
I do agree with many people's comments – you need to see it first hand to understand it. I don't find it scary at all – once you see it first hand & understand all the numbers. Finance is not a problem if you know the right people. America is a big place & when we Aussies hear doom & gloom in America – we often just imagine America as being one economy. IT ISN'T. Texas has the population of Australia & is like it's own little country within USA – with many of its own laws etc. It doesn't appear to have been as affected by the sub-prime meltdown as other parts of USA & still showing a moderate 3% capital growth for the year.
Would love to chat more on this with people who have also had positive experiences with investing in USA. Cheers, Li