Yes this is the general rule of thumb you should always water until you get at least 5 to 10% runoff meaning you should see 5-10% of the amount of water you put in, come out the bottom. Water as slowly as possible until you see a steady stream coming out the bottom. It should be about the same color as the water going in, if its darker than the water going in then you should keep watering.
Keep in mind most people's definitions of overwatering are incorrect. Overwatering has nothing to do with how much you put in at one time, it simply means how often you are watering. You have to allow time for the growing medium to dry out a little so the roots get oxygen. A good tip most folks follow is to pick up your pot and feel how heavy it is. You will eventually get a good feel for how heavy it is after watering, then it should be at least half as heavy as it was after you watered, before you water again. Am I making sense? Sorry I just woke up still working on my coffee lol