What am I missing with the pricing of Multi-Family Property?

[LaTonga Smith]

Greetings everyone!

I am a licensed real estate agent in Columbus, OH. I have primarily worked on the residential side of real estate and now I am interested in investing in multi-family.

There is a Multi-Family property that has 17 units, 4 buildings on 2 parcels. 15 units are currently occupied ($475/unit), 2 of them are Section 8.

The property is listed at $549,900 and it has been on the market for 1,176 days--it is also a foreclosure.

The assessed value from the auditor's site is $290,000.

Why the BIG discrepancy? I have never seen this on the residential side.

Any thoughts?

Thank you in advance for your comments.