Assessing Deals - Must I go out of state?

[TK Warburton]

The 1% rule is old news, The average sales price in my area is $450,000 and rents top out at $2500 for higher end stuff. Does this mean my only choice is to invest in an area I don't live? Sounds scary finding another location I don't know anything about. 

When evaluating a deal, are people happy just breaking even these days? What is the minimum cashflow acceptable? $100!? Also seems the only way to get a property to cash flow at all is to put down way more cash, what are the other alternatives? 

I realize these are rookie questions, but I still have them! Thanks for insight.