It's priced so low because of its condition. It needs a lot of repairs to make it livable. Also, the location of the property has something to do with the price. But mainly, it needs a lot of repairs to make it livable.
The MLS listing states....
"BACK ON MARKET... WOW... EXCELLENT REMODEL OPPORTUNITY! Property has a separate guest house/apartment upstairs, 2 car garage & carport off alley. TLC and updating needed throughout. Condition of pool is unknown. Lender owned, no clue, no SPDS; buyer must do all due diligence. CONTRACTS MUST INCLUDE LSR OR PROOF OF FUNDS TO BE SUBMITTED. Utilities can not be turned on... check with your lender BEFORE writing a contract. WILL NOT GO FHA/VA!"
Like Paul says.."Its the condition"
Are you handy?