Multi-family... Purchase or Pass?

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I live in one of this country's most expensive areas, Midland, TX.

Also known as the Permian Basin, it's responsible for 1/4 of this nation's oil and gas production.

As such, people often find themselves paying $1,200/mo for a studio; now, I know some of you are saying "oh try California on for size." I get it BUT, the population here is only about 125,000 people!

With all that said, I stumbled across a quadplex for just $159k and it's been recently renovated?!? You can't buy a gallon of milk out here for $159k!

Exaggerating but this place is flooded with money and investors, any ideas why this property is still there and why it's been there for as long as it has?

Are these red flags? I'm aggressively pursuing my first deal and this one is ALMOST looking like the one...