First off, whatever real estate deal you look at, people will immediately jump down your throat saying it's a horrible deal. I'm not sure why that is, but I find it pretty obnoxious. Every market is different, and a "good" deal in your market will look very different than a good deal in NYC, which will look very different than a good deal in rural Arkansas.
Also, FWIW, I don't currently own investment properties, but am actively exploring the idea. So take this with a grain of salt.
Whether or not 9% cap rates is good depends entirely on your specific market. I've heard of some markets that have 13%+ cap rates, and others that have 2-3% cap rates. Compared to Denver (my market), 9% is very good.
Now my words of warning:
1. You are taking that 9% cap rate from an agent's marketing material. You might as well use that marketing material as toilet paper. Do your own math.
2. Papa Bear is absolutely right about a Property Manager. Managing this type of property is not for the feint of heart. If it were me, I would only do this with a property manager I've previously vetted, and is comfortable managing this type of property.
3. Pictures show a story of LOTS of deferred maintenance. Go into something like this with a sizeable budget for capital improvements and maintenance.
4. I would only recommend something like this as a first-time investment if you're local. Even with a property manager, this has a look of a place that will not be low-headache or low-maintenance.