One thing about that scenario seems odd. If there is such a huge difference between ownership and renting in that area in favor of ownership, then the market ought to be flooded with people buying homes for $980/month and renting them out for $1350/month.
The market in Ft Worth/Dallas has been very hot with multiple offers. It’s like that in many places in Texas. Some cooling was experienced when oil prices dropped but it’s still hot in the DFW area as well as San Antonio. Not sure if Houston is still seeing multiple offers. This time of year the market slows just a bit but I helped with that exact scenario several times in the last 6 months.