Looking for advice for a potential property
Hi BiggerPockets community! I was hoping to get some advice on a duplex I'm looking at. The property is located in a class C neighborhood and is next to a bar. The community, crime statistics, unemployment rates, vacancy rates, and access to the city are good. Schools are okay. My only concern is that the property was sold for $90k in 2018 and is now being listed for $270k after renovations. The property next to it was just tax assessed in 2021 at $177k. I've calculated a coc rate of 15.7% and cap rate of 6.8% if I bought it at $235k but I still feel like I would be overpaying based on the values of the properties around it. I'm planning to buy and hold, but I want to make sure I get a ROI when I eventually sell it. Does this seem like a good or bad deal to others?
I appreciate all feedback. Thanks all.