Is it worth it to buy a cheap Class “C” building and renovate?

[Franklin Marte]

I saw an apartment building down in Tampa that has 9 units it’s worth  $550,000 and it has a cap rate of 11.79% which seems pretty high to me and it looks like a good investment. I’m new to this I don’t know much. I know there’s more costs that go into it but I was told a high cap rate is always good  to make your money back. I know “C” class buildings are older and charge less rent but I was thinking maybe to renovate it and put it up to date more modern. The rent probably would have to go higher or By renovations it would probably add good. Amount of equity in the property and from there I’d probably be able to do something with that money right like take it out in equity and buy another property?