whats the catch?

[Alexander Ball]

I'm going on tuesday to check out a 5 bedroom rental property that is a short sale and listed at 85k. However, the description says the house is valued at 185k. How could this be? How could a house be listed at 100k less than an appraisal. Can I expect to see a house in need of dire repairs? I've ran the numbers and if I can keep the house going at a 1400 dollar a month income from rents, and will be netting almost 400 dollars a month. Is this deal still sitting here because it is a short sale and people don't want to wait long for it to close?