This is the closest I could come up with to a purely "trigonometric" answer, and has minimal algebra. Firstly note you have a triangle divided into two, so it may be useful to use the standard formulae for a divided triangle. Quoting from my (rather old!) secondary school mathematics textbook:
When D divides AB in the ratio $m:n$ then:
$$(m+n) \cot \theta = n \cot A - m \cot B = m \cot \alpha - n \cot \beta \tag{1}$$

Here the large triangle is $\triangle ABC$ and the Greek-lettered angles are $\alpha = \angle ACD$, $\beta = \angle BCD$ and $\theta = \angle BDC$ and is supplementary to $\angle ADC$. Given your example is about a string attached to a wall, you might not be surprised this is listed in the "Mechanics" section of the textbook, and usually used in school examinations to solve three-force problems. There is a very useful special case listed, which sadly doesn't apply here but I'll include it for completeness:
When $D$ is the midpoint of $AB$, then
$$2 \cot \theta = \cot A - \cot B = \cot \alpha - \cot \beta $$
The textbook has $B$ and $D$ labelled the other way round to your diagram, but other than that it just takes a rotation to sort out. We have $m = 2$, $n = y$, $BC = 1$ and $B$ (using the textbook formula's labels) is a right angle with $\cot B = 0$.
From $\triangle BCD$ we have $\cot \theta = \frac{y}{1} = y$ and $\cot \beta = \frac{1}{y}$, while $\triangle ABC$ gives $\cot A = \frac{2+y}{1} = 2 + y$. Hence $(1)$ becomes:
$$(2 + y) \cdot y = y \cdot (2 + y) - 2 \cdot 0 = 2 \cot \alpha - y \cdot \frac{1}{y}$$
The first equality doesn't tell us anything new, but the second yields (with a little bit of algebra):
$$y^2 + 2y = 2 \cot \alpha - 1 \\
\implies (y+1)^2 = 2 \cot \alpha \tag{2}$$
Secondly, note that since $AC + BC = 4$, we know that $\triangle ABC$ has perimeter 6 and semi-perimeter 3. Hence it is very inviting to use Heron's formula or the closely-related law of cotangents. In fact, since for the one side we know, we also have the altitude (perpendicular height) and hence can calculate the area, this temptation becomes overwhelming. I find the most practically useful formulation of the law of cotangents when solving a triangle is:
$$\frac{\cot \frac{\alpha}{2}}{s-a} = \frac{1}{r} = \frac{s}{T} \tag{3}$$
or for calculator purposes, should we lack a cot
button, the reciprocal:
$$(s - a) \tan \frac{\alpha}{2} = r = \frac{T}{s}$$
Here $\alpha$ and $a$ are any opposite angle-side pair (indeed the formula is often stated with equalities also for similar expressions involving $\beta$ and $\gamma$, resembling the law of sines, but I find that form is generally far more useful for trigonometric proof than solving a given triangle), $r$ is the radius of the incircle (not relevant here but sometimes useful), $T$ is the area of the triangle and $s$ the semi-perimeter. In our case $(3)$ becomes:
$$ \frac{\cot \frac{\alpha}{2}}{3-2} = \frac{3}{ \frac{1}{2} \cdot 2 \cdot 1 } \\ \implies \cot \frac{\alpha}{2} = 3 \tag{4} $$
With an electronic calculator, it is now straightforward to calculate $\alpha$ and hence $2 \cot \alpha$, substitute into $(2)$ and solve the simple quadratic for $y$. If an exact or non-calculator solution is required, we can instead use the double-angle formula:
$$ \cot \alpha = \frac{\cot^2 \frac{\alpha}{2} - 1}{2 \cot \frac{\alpha}{2}}
= \frac {3^2 - 1}{2 \cdot 3} = \frac{4}{3}$$
Then the positive solution of $(y+1)^2 = \frac{8}{3}$ is
$$y = \sqrt{\frac{8}{3}} - 1 = \frac{2\sqrt{6}}{3} - 1 \approx 0.63$$
and corresponds to the bead's vertical level lying beneath the lower attachment point, as drawn. By symmetry, the bead will also be a horizontal distance of one metre from the wall when it is held this far above the vertical level of the upper attachment point. In terms of vertical distance above the lower attachment point, this is then around $2.63$ metres, which — as we might hope — coincides neatly with the absolute value of the negative root of the quadratic.
Ignore my verbal commentary, and this method gets to the answer in just a couple of lines of working, involves no algebraic rearrangement except solving a simple quadratic, and packs a very hearty dose of trigonometry from a high school textbook. Accept the use of an electronic calculator after $(2)$ and it doesn't even require the angle-sum, double-angle or harmonic addition ("R") formulae. Sadly, I expect it is the case that your local schools' curriculum lacks some of the goodies in my textbook. This is a shame! The first time I saw the divided triangle formula, I recall the sinking feeling that it looked like an awful lot of hard work. What I've discovered in practice, whenever I've had recourse to use it, is just how much hard work it saves me...
Post-script: proof of the divided triangle formulae
Many proofs are available online and in textbooks for the law of cotangents but the divided triangle formula seems more obscure.
Often half the battle with trig is identifying the correct formula to use: which best represents the state of our knowledge? For example, knowing the area, perimeter and one side of a triangle, the law of cotangents is ideal for finding the angle opposite the known side. Here's another rule true for any $\triangle PQR$ and deduced by dropping the perpendicular from $Q$, which a little thought shows is true in both the acute and obtuse case:

$$q = r \cos P + p \cos R \tag{5}$$
where $q = PR$ etc. Formula $(5)$ is useful if we want to write an included side in terms of its including angles and the other two sides. In practice it's rare that we are given four out of five of these quantities, or wish to represent all five in one equation. However, $p$, $r$, $P$ and $R$ are redundant by the law of sines, so we can cut one out:
\begin{align}
q &= r \cos P + \frac{r \sin P}{\sin R} \cdot \cos R \\
&= r \left( \cos P + \sin P \cot R \right) \\
&= r \sin P \left( \frac{\cos P}{\sin P} + \cot R \right) \\
q &= r \sin P \left( \cot P + \cot R \right) \tag{6}
\end{align}
Formula $(6)$ lets us write an included side in terms of its including angles and one other side. Like the law of sines, this formula links two sides and two angles. Unlike the law of sines, there is only one opposite angle-side pair!
Returning to the figure in the textbook, the key to representing the situation is that the smaller triangles $\triangle ACD$ and $\triangle BCD$ are linked by a common side $CD$ and the fact $ADB$ is a straight line, so $\angle ADC$ and $\angle BDC$ are supplementary. Hence $CD$, $\angle ADC$ and $\angle BDC$ must appear in our equations if those facts are to be brought to bear. Moreover, we want $AD = m$ and $BD = n$ to appear too, since they were indicated as of particular interest (the ratio $\triangle ABC$ was divided in for the textbook; the lengths marked on the wall in the OP's question). Needing to represent two sides and an included angle in each of the smaller triangles rules out the law of sines; we could apply the law of cosines if we wanted $AC$ and $BC$ to appear in our equations also. Alternatively we can apply $(4)$ if we prefer two sides and two angles in each equation.

At this stage we have a choice. Treating $AD$ as included by $A$ and $\pi - \theta$, and $BD$ as included by $B$ and $\theta$,
\begin{align}
m &= CD \sin (\pi - \theta) \left(\cot (\pi - \theta) + \cot A \right) = CD \sin \theta \left( -\cot \theta + \cot A \right) \\
n &= CD \sin \theta \left( \cot \theta + \cot B \right) \\
\implies \frac{m}{n} &= \frac{-\cot \theta + \cot A }{\cot \theta + \cot B} \tag{7}
\end{align}
where $(5)$ is obtained by dividing the previous two equations. Alternatively we can treat $CD$ as included by $\alpha$ and $\pi - \theta$ in $\triangle ACD$ and included by $\beta$ and $\theta$ in $\triangle BCD$:
\begin{align}
CD &= m \sin (\pi - \theta) \left(\cot (\pi - \theta) + \cot \alpha \right) = CD \sin \theta \left( -\cot \theta + \cot \alpha \right) \\
CD &= n \sin \theta \left( \cot \theta + \cot \beta \right) \\
\implies 1 &= \frac{m}{n} \cdot \frac{-\cot \theta + \cot \alpha }{\cot \theta + \cot \beta} \tag{8}
\end{align}
Rearranging $(7)$ and $(8)$ to combine them into the textbook's $(1)$ is straightforward algebra.