Interesting question, but I think it’s a little more complex than that.
First, single family pricing is generally strongly correlated with school quality. With exceptions.
Rental profit isn’t correlated or even reverse correlated with housing prices. It’s more like an upside down U, where the highest and lowest price points have the lowest net profit percentage. It’s in the middle price band where single family properties typically perform their best.
The bottom line, as a rental you should be looking at the ROI first, and schools secondary.
Flips are the same way.