How much its too much to pay?

[Ali Sheik]

So I have a prospect that asking price is way too high. $539,000 on $2,010 monthly rent. Triplex. Basically looking at GRM= 22 and would give a 2.5% annual return. Rents below market value. Should conservatively fetch $3,000+/month or more after cosmetic enhancements. Even with the new rents asking price is too high. Price $/sq ft is $210 in an area where most are at $300+. Any savvy knowledgeable people out there have any advice? Asking price? Value add then sell? Walk?