There's more to it than that.
Planes have a high fixed cost (insurance, hangarage, maintenance etc) to to cover these fixed costs you really need to put at least 100 hours a year to get the fixed costs per hour down.
I think the way to do it is to find an operation that you can trust to look after your plane and work it to get over 100 hours a year.
I've also know LAMEs who fixed up damaged planes, that would be difficult to sell, and put them online at flying schools where the hirers don't know or care about the accident history.
LAMEs can do the maintenance themselves, sign off MRs and usually have a pilot of salvaged spares sitting around for their own planes. They treat these planes the same as you would for a property investment - buy the investment and wait for the yield to come streaming thru.