Why do some houses almost seem too cheap?

[Daniel Carpenter]

I am a complete beginner to real estate investing, and am searching to find my first deal. While looking, I have found some houses that seem legit, but It’s hard to believe the extreme low prices they have. For Example I found a 4-plex with 4 Beds 4 Baths (1 bed 1 Bath per unit) and 2832 square feet listed at only $49,000. Yes it obviously does need some renovations but It does not seem like more than $50,000. Houses near it with less square footage are priced at $180,000 to $200,000. Am I just underestimating the repair costs? Or is there something else I’m missing because there’s no way anyone would sell a 4-plex for $49,000? Here is the link to the house I am describing https://www.zillow.com/homedetails/1404-Green-Ridge-St-Scranton-PA-18509/2079962280_zpid/

[Marc Winter]

@Todd Rasmussen, in a phrase, "you snooze, you lose".  This property was a steal and was sold in about 24 hrs.  BTW, there were extenuating circumstances that prompted this price and fast sale.