Could the sole papule on the side of my nostril that bleeds when scratched be nasopharyngeal angiofibroma? and is this a serious condition?

Angiofibroma: Yes, an angiofibroma can be the cause of chronic nosebleeds. You may need an MRI or a ct scan to see its extent into your nasal cavity. Surgery is usually recommended especially if you have eye or ear problems in addition.

Maybe: Sounds like you already have a medical opinion! how long has the area been there? Are you using any medication? Please visit with your doctor to verify the plan of evaluation--a surgical removal of the tissue for diagnosis may be required. Please do not take chances.