Help me understand this listing

[Garrett Holbrook]

Hey all.

I'm new to BP and REI and so I spend most of my time lurking and trying to absorb information. I came across this listing in the Pittsburgh area:

- MLS#1351695

- https://www.zillow.com/homedetails/2004-Gregory-St...

- Duplex. 3bd + 1ba, 1bd + 1ba

- Somewhat dated, could use cosmetic updates but otherwise appears to be in good condition

- $129,000

I've spent some time looking at rental listings in the immediate area and my rough estimates are that you could get at least $500/mo for the 1bd and $1000/mo for the 3bd for a total of $1500/mo before any updates or renovations. Given the asking price and the fact that this duplex appears to be immediately rentable, this stands out to me (as a beginner) as a good deal. However, there are some things that don't make sense to me:

- The properties in the nearby area are listed for much more

- Judging by what I read on BP, most good deals are found off-market these days whereas this property is on the MLS

- This property has been listed for 6 weeks and is not even under contract, contingent, accepting backup offers, etc. If this was a good deal then it wouldn't last that long

- The description doesn't mention anything about the property needing work or TLC

Essentially what I'm asking is, what am I missing? Is this not actually a deal? Are my estimates off? Is there likely a major repair that the seller is trying to hide? Did this deal just slip through the cracks?