Buy a remodeled triplex or wait?

[Nicholas Spohn]

I am in grad school in the east looking at a triplex in Iowa. Its across the street from a small private school that is buying houses all around it. It has been fully renovated, windows, siding, roof, inside etc. It is not listed, the seller told me he would take 127 k for it. It brings in 1700 a month. There is a possibility of adding a room in the attic as well which would bring in a couple hundred bucks a month.
The 50% rule (1700*12*.5)/.08= 127,000. So it would be an 8 cap at that price, already rented out. I know there are much better deals out there and I am done with grad school in the December, should I sit on some cash and wait until I can more aggressively find deals? Is this a decent deal for a "turn key" property? There is a $52,000 tax exemption for the next 10 years as well, so taxes are around $1200.
Ready... go.