In this paper, we investigate dynamic walking as a convergence to the system's own limit cycles, not to artificially generated trajectories, which is one of the lessons in the concept of passive dynamic walking. For flexible walking, gait transitions can be performed by moving from one limit cycle to another one, and thus, the flexibility depends on the range in which limit cycles exist. To design a bipedal walker based on this approach, we explore period-1 passive limit cycles formed by natural dynamics and analyze them. We use a biped model with knees and point feet to perform numerical simulations by changing the center of mass locations of the legs. As a result, we obtain mass distributions for the maximum flexibility, which can be attained from very limited location sets. We discuss the effect of parameter variations on passive dynamic walking and how to improve robot design by analyzing walking performance. Finally, we present a practical application to a real bipedal walker, designed to exhibit more flexible walking based on this study.