If you want to have any reasonable idea of the altitude you need to return to the runway in the event of an engine failure, you really need to practice it in your particular airplane under various atmospheric and load conditions.
For example, the other day I was practicing crosswind landings with 10 kts of wind at about a 45 degree angle to the runway and decided it was a good time to practice. The runway is a non registered 2700' x 75' grass strip used by a local crop duster, so traffic wasn't an issue. I was about 135 pounds under gross weight with a rate of climb was about 1150 fpm at 70 mph covering roughly 100 fps over the runway on climb out. The take off roll is about 500' with 2200 ft and 22 seconds of runway remaining, which puts me about 400' above the runway threshold on initial climb. In about 6 more seconds and about 600' past runway threshold I'm at 500', where I pull the throttle back and "fail" the engine.
A fairly non aggressive 45 degree bank into the wind for 225 degrees got me pointed back toward the runway and a 45 degree turn shortly after put me back over the runway, but still very high, meaning I had to *aggressively* slip to lose enough altitude and energy to touch down and roll out in the remaining runway length. I touched down with about 800 feet of hundred feet of runway left, so there is was some margin left, but the risk was very much running off the end of the runway, not landing short.
On a cold day and light on fuel, I'd be at 500' much closer to the runway threshold and I'm not sure I could slip enough to make the runway. As it was, I was high enough that had I been any higher, I'd have made a teardrop turn to roll out into the wind half way down the runway and land into the wind using the last half to one third of the runway.
At my home field it's an entirely different story as the runway is only 1800' long. The same 225/45 degree maneuvering would leave me touching down in the trees and creek off the far end of the runway. The tailwind component aggravates the situation but the important takeaway is to understand that continuing straight ahead, losing roughly 20 fps, and increasing the distance from the runway for about 5-7 seconds is essential to make the 500' turn doable at my home field.
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I also own a Piper Pacer. It is an *entirely* different story. Even with VGs and Sullivan tips, the take off distance at 100 or so pounds under gross weight is about 700 ft and rate of climb is about 800 fpm (13 fps) at a faster 84 mph (125 fps). That leaves me crossing the end of the 2700 ft runway about 16 seconds after liftoff at only about 210 ft over the threshold. It takes another 23 seconds before I reach 500', at a point roughly 2800' past the end of the runway. The short wing and higher weight equate to a steeper glide angle and the challenge here is to make the required 225 and 45 degree turns while still having enough altitude to make the runway. In order to make the "same" 500' turn, you need to immediately decide you are making the turn and then make a more aggressive bank to 60 degrees.
At my home field, where I would now be 3700' past the end of the runway by the time I get to 500', making the runway really isn't an option and I'm instead far better off landing straight ahead or even doing a 360 degree turn into one of the fields beyond the trees off the end of the runway or below me.
