Is this a good deal?? Lake home investment?

[Jon Demuth]

Hello, I wanted to pick the brain of any investors on here. I have an offer from a family member to purchase their lake home in the heart of the finger lakes in upstate NY. Its a 2 bedroom, 1 bath 1300 sq single family home with 50 feet of water front. I can purchase it for $200K. Looks like the value according to zillow and comparing surrounding properties is around $300K. Obviously I would have around 100K in equity from the beginning. Anything I'm missing here? or is there anyone who would NOT jump on this?

Just want to pick the brains of you all that have experience. [not those that think they have experience but really dont :)]