Why is this property still available?

[Jeremy B.]

Short version: 

Do you get spooked when you come across a seemingly good deal that's still available on the MLS after several months?

Long version:

I've been looking on the MLS for small multi-family homes in some cities in the Midwest that I'm familiar with. I came across a 4-unit old Victorian home listed at $84,900.

I've talked to the realtor, who told me that it has four tenants who pay a combined $1,800/mo gross rent.  After running the numbers on taxes, insurance, expected maintenance, cap-ex, and the like, I have a rough estimate of about $500/month in net income.

Now, I haven't done my due diligence on this house.  I haven't had it checked by an inspector, I haven't fully scoped out the neighborhood, and I haven't reviewed the financials in great detail...all of which I'll do if I decide to move forward. But so far it seems like a solid buy-and-hold property.

But...it's been on Zillow for 144 days. And part of me can't shake the feeling that if this house really was that good of a deal, some other investor in the area (it's a metro area of about 250,000 people) would have snatched it up by now.  

Maybe that's bunk.  Maybe the area's investors are chasing other deals or have their money tied up elsewhere.  Maybe there are more than enough houses in this area to go around.

Or, maybe there's a reason it hasn't sold in 144 days.

So, when you come across a seemingly good deal that's still available after a long time on the MLS, is your reaction 'oh, good! something everyone else has missed!' or 'be careful here...there's a reason everyone else has passed on it.'