Equity and Buy and Hold?

[Adam Mittermeier]

I have been keeping my eye on a couple duplexes and I am having trouble trying to find comps for one of them. I could make 2% per month on it but I am just afraid that I may possibly pay too much for the property. Any of the comparable properties I found were sold at $30,000, This one is in auction for approximately $41,000 right now (minimum not yet met). 

So I am thinking I am paying too much for a property that I would be starting out in the hole.

Is this different with Buy and Hold when I plan to hold onto it for 3-5 years?

I wanted to run this by the experienced investors and get your inputs.