No good- it probably is not even a house.

Even in this market one could barely purchase the wood and build an out house for that kind of money, remember "if it's to good to be true" it usually is

If someone is selling a home for less than you could buy a brand new car for, it is very likely not in good shape. The banks will get appraisals and BPOs done to determine the asking price, and adjust the price as they see fit according to interest and how long it has been on the market. Not that the banks have a logical method to their madness.

In general, you get what you pay for. If a deal sounds too good to be true....