Will there be another buyer for this MFH flip?

[Diane G.]

So my friend bought a 23 unit in Phoenix back in 2014... War zone, 3 murders in 2 years... paid $700k and told me did not make money at all... 2 years later, put on loopnet at $1.2m....no taker for a whole year... took off market and have broker pitch it as "off market" deal. Sold for $1.16m within 2 month... New owner repainted it (judging from listing picture) and put it on market at $1.6m... So in less than 3 years, went from $700k to $1.6m with minor renovation.... when location and tenant base remain largely the same like 3 years ago.....how much more crazy can the Phoenix MFH market be?