I'd say it has a higher probability of being a parable than the Rich Man and Lazarus. If the latter were a parable, it would be the only parable in the Bible to use specific names, two of which we know were actual historical people. It would also be the only parable to mention the afterlife.
My take is that @Hiddenthings is right, from a previous post on the issue -
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First of all I read in context, the whole chapter 16, verse 1 starts with The Parable of the Dishonest Manager, the parable ends with -
Luk 16:13 No servant can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”
Followed by verse 14, the context -
Luk 16:14 The Pharisees, who were lovers of money, heard all these things, and they ridiculed him.
We can already see the connection, The Pharisees felt attacked (You cannot serve God and money) and sadly they ridiculed Him. And Jesus ridiculed The Pharisees in return with the parable of Rich Man and Poor Man. Theme money and the false beliefs of the The Pharisees. In the parable the rich man stands for The Pharisees.
The false beliefs of The Pharisees -
1. The Bosom of Abraham - it's nowhere in the OT, during the absence of prophets from God for centuries they made that up, look at the development of that false belief.
2. Secondly the description of Hades comes rightly from pagan Greek mythology, another false belief that entered during the absence of prophets from God for centuries.
And so Jesus ridiculed The Pharisees in return, them ending up in their own false beliefs.