NC runs on a Raspberry already and the performance is not mind-blowing. For single user or a couple of users this might be a good start but the hardware is somehow limited and it has 1 GB of RAM (you can use a real database, caching, …), so many people consider using a more powerful ARM board:
Now, 128 MB is the absolute minimum. So it might be technically possible but why? Performance will be very bad. If you use at least a RPi3, it’s slightly more expensive, you get already working images, a lot of documentation and a large user base.