Can a rentsl fail 1% test and still be solid?

[Josh Falk]

My wife and I live in the Pinehurst, NC area (about 30 min from fayetville). My wife and I are looking at buying a home to live in for 1-3 years and then turn into a rental. 

Rent in the area goes for 1400-2000+, but the cost for most of these houses are 200-300k.  This fails the 1% and 2% test on evaluating if a home could be a good investment. But with enough money down they would still cash flow positive (goal would be long term rental). 

Is it a terrible idea to get into rentals at these prices? 

Thanks in advance 

Josh