I think I am late to the mining World but, is it still possible to still set-up a rig and still make profit?
Sure it is. But the ROI is much much longer.
Years depending on the electric cost. At this current prices if you want to be in the market I would use that fiat to buy crypto at the next technical support level and hold.
If you pay more than US0.10Kwh I would stay way from mining. Also if you consider this fact that PROBABLY ETH will go POS this year, what will be left to mine? Way more Risky altcoins, that you should probably mine and exchange them for more secure coins. If you start now, you will at least get fair value price GPUS.