General noobie real estate question

[Robert Johnson]

Hey everyone, I'm brand new to real estate and have a fairly simple question: I heard from someone that it might be possible to purchase a single-family unit for $100k in cash (even if it's $80k + $20k in renovations) and rent it out for $1200 / mo. This sounds outrageous to me and too good to be true so I wanted to check in here. I'm geographic agnostic although I'd like to stay in the lower 48 states if at all possible. Is this actually possible?