Large house listed 25k below assessed value

[Tyler Kress]

Newbie here - I see a big house on Zillow listed 25k below assessed value and wonder "what am I missing?" it is on the edge of rougher neighborhood but it seems like a steep discount. If someone bought this home could they basically claim an instant 25k equity for a HELOC/cash out loan like in the BRRRR method?

I haven't toured the property yet so I guess there could be some repairs in order, but assuming there weren't any extensive repairs is it as simple as that? 

1505 Grand Ave, Davenport, IA 52803