Is this a good Rental Opportunity in Puyallup/Tacoma area?

[Sam Choi]

My agent has recently shared a listing of a potential monthly income rental property in Puyallup are

Details:
4 Plex (2 of 1 br/1ba and 2 of 2br/1ba)

Located in South Hill neighborhood in Puyallup

Built in 1976 (needs some renovation)

Current Monthly income: $3k 5% CAP Rate(With renovation can potentially increase monthly rent up to $4.5K 8.9% CAP Rate according to Rentometer.com)

Knowing that real estate market in Greater Seattle area is slowing down, should I pull the trigger on this opportunity?
Your knowledge, opinions will be appreciated!

[Dan Leaman]

@Sam Choi  what I meant by "reasonable" was this:  Most sellers overvalue their property, when you see a kitchen that needs replaced they see a kitchen that has been working perfectly for years.  When you see a roof that has 2 years left they see a roof they paid for 15 years ago and will possibly last another 15 years. Run down the list carpets, floors, paint, doors, toilets windows... etc.  A reasonable buying price considers you may have to replace many or all of these things in the next few years.  Also consider the fact that we have been seeing rising prices in housing for the last few years many have argued that we are do a correction, (I am neutral on this) and its a mute point if you cash flowing now.  Good luck, let us know how it goes.  This is the place you want to come for information and cheering.