So whats the catch?

[Jonathan Blandino]

Hey guys,

So I am very interested in this property

http://www.zillow.com/homes/union-nj_rb/#/homedetails/18-Sandy-Point-Dr-Lake-Hopatcong-NJ-07849/2107493388_zpid/

This is a lake community home and as far as I know there are no membership fees and though the taxes have increased they are no more ridiculous than normal for New Jersey as from my research. Zillow estimates the property near 300k but its selling for 80k. I can easily put the downpayment and even considering using an FHA loan. I like the location more than anything as it is safe but close enough to get to see my family and friends further east and the price is fine with me. So whats the catch with the low price? Anything I should really look into before I make a regretable leap?