It's possible but you will have to move fast when you see one. Many of the homes you see at that price point are foreclosures or auctions. So they get bid up to higher prices. And make sure you take an inspector or contractor with you before you make an offer. You will have to buy them in "as is" condition which means you usually do not get an inspection period. On a foreclosure you may get a 10 day inspection period.
If you are looking on line and think you have found something good…. do a drive by. Many are in neighborhoods you won't want to buy in. Most foreclosed banks do their research. So either it's been on the market before and didn't sell at "market value" or it is now priced right… at a cheap price and will get multiple offers from investors. Make sure you know the areas real value and make sure their isn't something wrong with the house you can't fix. (i.e. power lines, bad neighbors, steep hill, sink hole, septic issues).
Make sure you have gotten good estimates on materials and the cost of jobs you won't be able to do yourself. Also check out the local building codes. Many may add additional cost to your plans.