Do you have to essentially steal a property to make #s work?

[Jeremy Chaser]

I've been trying to purchase a rental property for the better part of a year now. It just seems like anything available on the market never works when I really look at the numbers. 

Here's an example of a current place available in my area:

140k asking price

$1,485/mo in rent

Looks to be a solid place, needs a little cleaning but otherwise it's pretty standard. If I go by the 50% rule for a rough estimate of offer price, I would need to offer them ~90k to get this place. Every place I look at runs into this problem where asking price is nowhere near where I think the numbers can work, but people buy them regardless. Is everyone else making bad investment choices or am I just being too conservative?

I've been trying to work with a realtor to get places before they hit the market but the only things I ever see are basically junk. Is this just an insider's game while I'm on the outside?