Why would this MFH be worth any money - what did I miss

[Diane G.]

I have been puzzled, for sometime now, why would some MFH be worth anything, when the listing price is over $million?

Take this property as an example - per unit: purchase price $50K, rent $650 a month.. Landlord pays utility...

For expenses, utility $200, PM $50, tax $50, interest payment $200... That is a total of $550 before vacancy, repair, make -ready....Say landlord end up net cash flow $100 per month, $1200 a year.....

Without appreciation, or meaning rent increase, it takes 50 years for landlord to recap his investment... Why would this property be worth anything?  What did I miss? 

http://www.loopnet.com/Listing/20214188/2414-W-Devonshire-Ave-Phoenix-AZ/