That is the way I would approach it. You should generally aim to minimise calls to a database as much as is practical. In other words, if you can solve the problem with one call, you should not be looking for alternative solutions that require more.
If no rows match both the user id and propertyid, the qPropertyInfo variable will be null, so you can test for that:
@if(qPropertyInfo != null){
//let them update their details
}
else{
//display a no results found message
}
You can read more about how to check if a query returns data in ASP.NET Web Pages in my article on the subject: http://www.mikesdotnetting.com/Article/214/How-To-Check-If-A-Query-Returns-Data-In-ASP.NET-Web-Pages