Hi Suzanne, I believe that it's still a little on the high side considering that there is no central heat/air and the units are only 1/1. Yes the rent is pretty good now, but there is also hefty competition there too for rentals. There is a reason why it's been on the market for so long. Besides, the current owner only purchased it in January of last year and put it on the market 13 months later for 150K more than he paid for it. The area is going through a revitalization but not fast enough IMO, and the taxes around 9K are not very cheap either. If you break even between rent/taxes and insurance/maintenance/property management/vacancy time... then may be it will be ok for 10 years to see a good return, otherwise, I think you should rethink the price you are paying.
If you don't have a Realtor representing you, I'll be happy to assist. Check out my profile.