Using previous sales amount for offering price

[Allen Osborn]

Looking at buying a small multifamily, this will be my first rental property. As I have investigated properties over the years I always like to look at the county GIS information, which is almost always available online in Indiana. Looking at this specific property it was sold to the current owner in 2012 for a purchase price $30k lower than the current asking price. I can find no evidence of upgrades or improvements done in the time it has been owned. Would it be unreasonable to come in with an offer $5k-10K above the previous purchase price? This property has also been on the market almost 2 years. I am planning to use a HELOC available form a recent refinance of our primary residence to make a cash offer.

Or does this brief information indicate a run, do not walk, to the nearest exit considering this property.

Does anyone else utilize sales history data from the county in helping to formulate their offering price?

Thanks!