How do you find properties earning 1% of value in rent?

[Alpesh Pandya]

Full disclosure: Newbie here.

After going through many tremendously helpful podcasts, articles and forum discussions, I have decided to get in action. 

At starting out, what struck me is that it is almost impossible to find non-foreclosed properties in decent areas. Check price per sqft in any decent areas within metros and range abround $100 to $140. With such price ranges, and having to compete with large scale apartments, is it possible to find properties with potential to earn 1% of value in rent? How do you go about finding such properties? Is it recommended to focus only on low-income areas or foreclosures? To be honest I am lost...