We carry out a comprehensive feasibility study for a real-time cm-level localization of a predefined terrestrial target from a MAV-based autonomous platform. Specifically, we conduct an error propagation analysis which quantifies all potential error sources, and accounts for their respective contribution to the final result. Furthermore, we provide a description of a practical MAV system using the available technology and of-the-shelf components. We demonstrate that, indeed, the desired localization precision of a few centimeters may be realistically achieved under a set of necessary constraints.