I'm no expert, but I do own a house. I think the biggest thing you're forgetting are the transaction costs of buying/selling real estate. You should plan on paying 7-8% of the home's value in closing costs when you sell. (Maybe only 4-5% if you sell by owner, but that's a different discussion)
So, when you buy a $200K home with no money down, you are instantly -$15K in equity. And since you aren't paying your loan down, the only way you're getting out of that hole is via appreciation.
I also think you're probably underestimating the cost of maintaining a home, but this may vary depending on the age of the house, your handyman skills, etc.
It's possible this could work out, if you get major appreciation or if you can get roommates who essentially pay that interest for you. But, I think it's a pretty risky move for not very much benefit.