Finding rental properties in MLS

[Anthoney Hanks]

I would like some feedback from my theory on finding potential rental properties based on 1% rule in the MLS. My steps:

1) Find location of desired rental property

2) Run a quick CMA of leased properties to get an average $/sq ft rent.

3) Run a quick CMA of active properties in the same location.

4) From the list, multiple the sq. ft *  avg leased $/sq ft for potential rent.

5) If 1% of the property's listing price is less that the above (#4), then this could be a potential property.

Any thoughts on this approach?