40k with long term tenant

[Bennett Pinkley]

In my area, about an hour outside the city, there is a small property on the MLS recently reduced to 40k from 60k. at 40k the numbers seem to work well sans cost of repairs. it's been on the market for over 200 days. The price markdown happened on march 12, 2019.

I've asked the realtor if there are any known defects and he responded, "yes there are many". That is very vague.

in your experience, what are some things that could potentially go wrong with this with the assumption that the tenant has lived there for 6 years? What I'm thinking is there may not have been repairs done that were necessary due to tenant not wanting to be disturbed?

The outside of the house looks well maintained and cared for, not in obvious distress. perhaps there are foundation issues, but it's block and beam so I'm not entirely sure how difficult that is to fix. it has window units but lists as having central air, possibly it's broken? biggest unseen expenses I can anticipate might be floor joists, electrical, plumbing (it's got public sewer and water), and perhaps just general full cosmetic replacement if the tenant moves out. No tenant, no matter how good could leave the place without some disrepair in 6 years.

Tl;dr 40k house on market 200 days, wondering why an investor hasn't picked it up if the simple act of getting it is already positive cash flow.