Is it possible? It sure had not been for a few decades.
Last weekend I took a buyer out to look at 2 bedroom condos - all bank owned REOs - in Alum Rock and Berryessa. Pricing was from $170,000-$200,000. Some were in decent locations, decent condition, very good rental property candidates. After running a simple cash flow scenario - break even was easily achievable with 20% down. This bottom tier of the first time home buyer market has been hardest hit. It will also be the tier that will rebound the best % up. Nice opportunity to make some good appreciation in a year or two.
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