Well here is a property in Adelaide where I am based:
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105565620&f=20&p=10&t=res&ty=&fmt=&header=&cc=&c=24967638&s=sa&snf=ras-adl&tm=1256090820
Available for $139000 - just probably needs a coat of paint, and perhaps lay a laminate floor and she is ready.
Has 3 bedrooms - rent it fully furnished to students. 3 rooms = 3 students for $100 each. Therefore rent return p/a = $15600, allow for 10% vacancy rate (unlikely all rooms will be vacant at any one time). Therefore return is $14040.
Return rate = 14040/139000 = 10%
So there is your example - you just have to think outside the square! But hey it is an un-liveable dogbox that you wouldn't consider (which is great) as it leaves more for me! Granted houses at these prices are harder to find, but they are out there - just require a brief bit of TLC on your part. Also this is just the starting rent and it will increase over time.
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