Nearly always behaviors can do all the basics.
Just add a sine behavior to it, set it to value only and use that value for the brightness amount, like this:
...and then...
If you want it to not stay dark for half the cycle just set the Magnitude to 50 instead of 100 and then in the event make it Sprite.Sine.Value+50
Edit: dop2000 beat me to it, fair and square