However, finding super-bargains typically involves substantial research, like finding needles in haystacks (on a serial basis). 

First, you don't know that they're going to sell for $3.4M -- that's just what it's listed for.But, assuming that's what they sell for, then yes, they'll likely make somewhere between $500K-$1M.Just because they did that doesn't mean that there are lots of those types of deals out there -- this might have been a needle in a haystack, or they might be partnering with the previous owner, or they may have some connections to have gotten the deal for that price. 

Just wondering if I'm looking for a needle in a hay stack?

Whichever is more important to you will probably be the best route to take.In addition, if you have not connected with an agent, I have written a blog post on the subject that will help you sort through the haystack of agents in the area :)Click on the link below to give it a read:https://www.biggerpockets.com/blogs/5868/52724-im-...

That means you're looking for a needle in a haystack.   

I'm a beginner real estate investor doing all the learning, reading, and mock deal analyses that I can before I'm able to locate a cash flowing duplex in my target market and purchase my first property (I plan to live in one unit and rent the other).As I scan the MLS and analyze potential deals based on current market prices and expenses, it seems that the major factor preventing nearly every property I analyze from cash flowing is the mortgage rate.I plan on putting down 20% into my aspirational duplex and having around 10% or so above the down payment in cash reserves for unknown expenses, maintenance, emergencies, etc.With mortgage rates being as high as they are (7%+) at the moment, it seems like a true "needle in the haystack" situation to find a property that will cash flow in my area (Central Florida).Note that in my analyses, I am running the numbers as if I am renting both units of the duplex as well as if I were to rent only one unit of the duplex (both situations produce negative cash flow).Let's say I find a duplex that I want to purchase and everything fits my standards with the exception that I have negative cash flow of $100-$200 per month.

I have about 4 or 5 pages of them and trying to find one is getting like a search for a needle in a haystack, or in modern parlance, locating a 4-byte string in a 4k cluster of data without a search function.

It'd be nice to find a turn key 70% below market but that is a needle in a haystack (Not impossible).

You're looking for a needle in a haystack and if you find one that is reliable, professional and fits into your budget, lock them down and do everything you can to keep them happy.

To anyone who is a newbie and trying this method for the first time,  it will be like finding a needle in a haystack while blind folded?