There must be a catch with these properties, what is it?

[Jared G.]

As I browse Zillow for properties in Baltimore, MD, I see many houses with multiple bedrooms, selling for under $150,000 with mortgages of less than $700 a month. I am familiar with the areas and know that they're not bad at all, and the photos show clean, nicely renovated places (new appliances, granite countertops, etc. - the typical good-looking family home). Yet, many of them say they've been listed for more than 100 days.

Why? Are there certain things wrong with these places that don't appear at first glance? Why wouldn't they have been bought? What's the catch, or what are possible catches in this situation? What other numbers and data should I be looking at?

[Ned Carey]

@Jared G.  a $150K house in a $130K neighborhood is not a bargain.  I have sold a house in Baltimore with granite countertops for $60K. It would have been on the market for a lot more than 100 days if i was asking $150K. 

This kind of relates to your question in another thread. Part of what makes a good deal is buying below the market price. What makes a bad deal is paying above market price. Part of what makes a good investor is seeing value where others do not.