Yes you can find properties which you will be able to purchase, but ROI will be near zero or negative. 

Hello,I am interested in purchasing a recently renovated $195K property as a 'secondary' home for the next 4 years to use as a future LTR.

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

It was a fun realization so I thought I'd share it here.I purchased my first real rental 11 years ago off the MLS for 108k (put 20% down).

It's a super affordable real estate market where you can still find deals that hit the 1% rule anywhere from $120-180k for a single family (or $200-250k for a multifamily) purchase price.

I want to know more about the area and build a team that can help me purchase and manage properties.   

Purchase price: $240,000 Cash invested: $39,000 Sale price: $342,000 Held property for 3 years and rented out the property for 2 years with a rental profit total of $22100 How did you finance this deal?

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

If you are looking to just calculate profitability, set how much profit you want to make then:ARV - Purchase Costs - Holding Costs - Selling Costs - Desired Profit - Rehab Budget (including contingency) = Maximum Allowable OfferIF you cannot calculate those numbers, a spreadsheet isn't going to help you. 

Slowly work your way up to bigger purchase price and rehab budgets.