quick search in the MLS came up with recent sales under $500k for 2/2, and one that just went under contract, it was listed for $499.9k and went under contract in 7 days, can't tell the final sold price yet.
So to answer your question, not impossible, but not easy and you need to be able to act immediately to get something under contract.
If you're not working w/a realtor, you should get one, they'll be able to help you. You'll probably be in a bidding war at that price point, so strategically, you need to figure out how to make your contract the most attractive to the seller. You're welcome to contact me to talk about specific strategies firstname.lastname@example.org or 703-407-3426