Do people actually buy when a multifamily property is overpriced?

[Vance Foster]

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This triplex recently came on the market in Billings, MT.  The few multifamily homes I have seen come on the market here do not seem to pencil out anywhere close to being a good investment property.  Do people actually buy these properties when the prices are jacked up.  This is priced as as if it's a single family home in this crazy real estate market in Billings.  However, the rent rates are not going up nearly as fast as the single family home prices.  It's just crazy to me to think someone will actually buy this property.

Thoughts?