Investment Property - Good or Bad Investment?

[Ryan Fitzhugh]

Hello everyone, 

I just want some feedback from some fellow investors in the Florida real estate market. I live in Saint Petersburg, FL, but I often do business in Tampa. Hillsborough and Pinellas county are my main focus. 

I am wondering what everyone thinks about a buy and hold investment that is for sale currently bringing in 1750/month and the sale price is 89k. The owner does pay all utilities, but even so it is an above average cap. The only catch is that 89k is about 15k over what the property would sell for if it was rehabbed and in good condition. 

Is this a bad investment? 

It is not in bad condition what-so-ever and the current tenants are repainting and putting in a better kitchen. 

Any thoughts would be greatly appreciated. 

Thanks.