Extremely Cheap Foreclosure - Too Good to Be True?

[Luke O'Connor]

Hello all,

Let me just start off by saying I am a newbie, so try to bare with me. 

I am looking to buy a rental property. I found a foreclosed 3 bed 1 bath unit in a 3 unit building for $165,000. The other units in the building and surrounding buildings have been selling from $250,000-$350,000.

There are a few things that make me skeptical. First off, the unit has been for sale for almost a year and has had a pending sale 4 separate times. Also, Zillow states that the HOA fee is $250; however, the bio reads "No representation of existence of condo association", are these not the same thing? The unit is in fairly good shape from what I can see from the pictures, so I cant see that being an issues unless there are structural issues. 

Any thoughts are greatly appreciated. 

Thanks!

[Steve Babiak]

Maybe the HOA there restricts units from being rentals. Buyers that intended to get it as a rental get word of that and back out of offer to purchase.