This property is in "lis pendens" status .. meaning that the bank will start the foreclosure process in the very near future. Property values in this community are still strongly driven by the foreclosures and short sales ... so yes, you are correct in assuming that you can get a lot of house for the money. Property taxes in this community range from $2500 to $4500, and without the actual address ... it's difficult to determine the taxes for this specific home.
It's a wonderful time to be a buyer! If you'd like a complete list of homes in your price range with a specific bed and bath count ... just let me know.