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!