Help me convince my friend this property isn't a good deal. or tell me why it is

[Brandon Reid]

1607 W Hadley st Phoenix for 81,000 (House is listed for more but this number will be the price)

I tired to explain to him that houses on MLS for a long time are not bought for a reason and there is too many smart peoople looking at MLS daily for a deal to stay there over a few months.

His goals for the property are renting it out monthly for 1 percent of purchase price and 7-9 percent cap rates. The numbers he has shown me work on this property. I know this forum is all about the 2 percent rule and 50 percent but he doesn't bleive that is possible yet.

He plans on renting to section 8 and holding the property for 10-20 years.

Why is this property not selling on MLS? What is he missing that everyone else can see?

Please help me stop him from making a mistake or convince me he isn't

Thanks everyone here I have loved learning from all you RE tycoons.

GL finding those deals