2% rule is possible in areas, but I find those areas aren't usually the best areas as far as schools, etc. It's a tradeoff that can certainly be worth it, but as always you should know the area or work with someone that does. Consider multi-units as well if you haven't. They can give you more bang for the buck. I just went under contract with a client for a 2-unit that will bring a return around 2%. That's not always possible but it exists. It was a duplex in a decent neighborhood, $80k range that will rent for about 1100 and 800. Needs some work, but nothing major.
@David Klein it all depends on the condition. But many areas ... Westville, Paulsboro, Swedesboro, Brooklawn, etc. there’s always enough selling at retail price. It all depends on how much work you want to put into a place.
@David Klein of course - keep in mind a good agent should be able to always show you both ARV comps and rental incomes (at least for those listed on the MLS). Reach out if you want to discuss more - maybe over a nice cup of Joe ;)