Should I even bother with this

[Tina D.]

Went and looked at a property listed on the MLS yesterday. It is a triplex in a hot hot neighborhood, and is fully rented. Cosmetically, it needs lots of updating, and it doesn't have some standard amenities like parking and central air that most expect in this neighborhood. However, the current rent reflects that and with these improvements, could definitely be raised.

Problem is, it is overpriced. It has been listed for a couple of months now and not selling and here is what I know:

It was purchased in 4 or 5 months ago as a short sale for 150k

The owner put mayyybe 15K into fixing a few things like electric, the porch, etc. No improvements inside.

They listed it in June for 280k ????????

It has since dropped to 255k

Current rental income is about 30k a year.

I am so confused as to why this would be listed so high and what this investors strategy is. My agent and I looked at comps and current condition should not really sell for more than 180k or so. With HVAC, parking, and kitchen/bath updates, it would easily sell for current price. I ran the numbers and it would have very good cash flow IF I could get it at 180k or so. And there is opportunity to improve the property to increase value and rent. 

So...thoughts on the deal? Think it could be good? Strategy to get it if so????