Brand new, analyzing deals, interesting thing I see

[Rick Petersen]

I am taking to heart the guidance I've heard many times to go analyze many deals (100 or even more) within your market both to figure out how to analyze deals but also in order to get a feel for the market.  I have done several lower end property analyses (think around $80k, 2bd, 1ba, lower-income area) and then I flipped the flag to multi-family, and I found a 15-unit opportunity.  There is something really odd to me about this one and I wonder if someone here can help me figure out what may be going on, or tell me if it's just someone hoping to sell high as interest rates are starting to climb.

15 units, total annual rent $196k (looks like about $1100/unit/mo), $6k annual expense in HOA and trash, tenants pay utilities.

Bought in September of 2021 for $1,300,000.

Selling now for $2,950,000.

There is a note that all units were updated in 2021, but I'm finding it hard to believe the value of the property has been 2.5x'd and also unlikely that $110k was invested into each unit in the last 10 months.  

In case anyone here happens to own said property, please don't take this as disparaging.  I am simply hoping someone can say something like "Oh, it's obvious, they have done XYZ and this is a good investment for someone in ABC situation."  All the scenarios I've run, this property shows a negative cash on cash return and, unless I really believe the property is now worth almost $3mill and will continue to appreciate at a decent rate, I cannot see how this asking price maps to reality at all.

Thank you so much in advance for teaching me!