Dumb question about expensive markets

[Cori Leste]

I live in Oregon and looking for duplex within 90 minute drive from Portland. Everything on MLS runs waaayyy in the red for cash flow and and ROI. Example: new construction duplex listed for $469k. 3br/2ba one side and 2br/2ba the other side. BOTH units rented for $1300 each.

Serious question, who buys these? Buy and hold (like until forever)? Just curious how markets around me can be priced in a way that loses most investors money for years.