Buy that if want, it's probably closer to the 3-5s.  

I'm a believer that there are deals to be had in any market.

This is like buying any other property, it is valued at whatever the market is.  

It is an old house but has been completely gutted and rennovated in a Midwest state with a flatline population growth.

And once you change to a new market, you throw all that out and have to rebuild it.I love expensive markets.  

Additionally, it provides investors with the opportunity to add a unit on a property they already own, simplifying management since the new unit is in the same location.Finding a vacant lot is both expensive and difficult, so the ability to build, subdivide, and create new development opportunities can make financing easier.

We're trying to decide whether or not to pay it off or save to buy another property. 

Good afternoon, I am new to real estate and investing.  

Quote from @Yvonne Wang: First time working with a contractor here.

I was hoping to do a new construction Duplex.