What's wrong with this house?

[Shanita Parker]

I'm looking to buy a home to rehab. The one I want is a REO. They are asking 84,900. It has been listed wth this real estate compay since 2/22/2007. Before that it was listed with a different real estate Co. for 139,900 then they dropped it down to 105,00 and that listing was started 8/10/2006. Their was a house down the street that sold in Sept of 2007 for 240,000 in a months time. All comparable homes in the area go for 130-137,000. I had a contractor come and give me an estimate of repair, he told me it was all cosmetic work and it would only be 13,000 to update the property. I want to start off offering 70,000. Do you think that is too low? Do you think something is wrong with the property? That's why is has been on the market for so long? Do you think if I bought the property and fixed it up it would take that long to sell it ?