Does BRRR method works in Hamilton?

[Kim Wu]

I am quite new to the BRRR method.

I watched a couple of videos on Youtube and understand the 'general' idea of how it works.

However, I am struggling to apply it in the real world.

So I am looking to buy my first investment property in Hamilton.

Please correct me if I am wrong, here is what I understand so far

1. Renovate / Refinancing
"The property needs to be cheap enough so that after renovation, I can refinance it at a much higher price" - Maybe I am searching the wrong way on MLS, but most properties in Hamilton is around +/-$550K (the ones close to McMaster). Here is an example;https://bit.ly/2wrXYTD

And this property doesn't seem that bad. So even if I purchase and renovate it, I am not sure if I can bring much value to bump the price up for refinancing? There is another property not far from this one, sold 612k just a few weeks ago and that one seems to be more furnished. 

2. Rental
Then here comes to the rental. Using the '1% rule', this means the rental needs to be $5500 for me to be cash-flow positive. I am not sure how this unit can rent out for anywhere close to $5500. I checked and it seems like the rent in the area is around $2200 at max.

Any advice would be much appreciated. Thank you!