Lyric discussion by zxcvb99 

Cover art for It's Only Me lyrics by Elvis Perkins in Dearland

As kids, we all get scared by the creepy noises and shadows at night. But here, instead of being scared like most kids, the narrator actually wants to be haunted. There's someone he's lost that he longs to see.

Whereas most people would be relieved that "it's only me" (i.e. there's no monster in the closet, no ghost in the yard), the narrator is pained by this realization. "It's only me" -- he's alone.