Why hasn't anybody touched this?

[Dylan Wright]

I've been looking at properties all around the Denver/Boulder area trying to find a cheap place to start a long term buy & hold strategy, and one sticks out. It's been on the market since at least early August, it's gone down in price $6500. By the 2% and 50% rules, this thing seems like a great buy. It should cash flow immediately. But there it sits, unbought. What am I overlooking, why isn't anybody touching this thing?