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I agree, the price seems a tad high for what you get, especially considering the smallish size of the apartment, and the need to renovate the kitchen/bath to achieve half reasonable yield.

That depends on the achievable rent though. If this could be rented above $300 p.w. without any work done, then 300k may be justifiable for some. However, I suspect from your description, the kitchen and bathroom might need to be updated which could very well add another 20k to the price.