Since this was not a market sale, the recorded transfer amount of $50,000 is not really relevant in determing market value, or to say "gosh, why couldn't I have bought it at that price".
An example of when a low priced transfer like this can be recorded is when a second lien holder or an HOA forecloses. The amount owed to them may be small, but they are assuming any senior liens which will need to be paid off if the property is sold, or mortgage payments continued if the property is kept. If the senior liens are much less than the market value of the property, they got a "deal", if they are more, then they probably shouldn't have foreclosed. I see the other liens on 355 Hemlock were originally $674,132.