What am I not seeing

[Ryan Sharpee]

Hi,

I am very new to the boards, having been reading up on real estate and watching prices in my area for awhile but have not made a move yet. I live in a rather hot real estate market so I keep an eye on some of the smaller towns near by. I found one multi-family property that is a bit unique but pasts the initial eye test. Not sure why this one is hanging around more. It is a more unusual property but apparently the main house rents for $1000 and the small one $595. What concerns would a more experience person see with this setup?

http://www.realtor.com/realestateandhomes-detail/808-Jefferson-St_Sauk-City_WI_53583_M85549-10479?ex=WI618414095#photo12

[Jason Chen]

I scrutinized the photos and this deal.

The photos look ok. I don't see a roof that needs repair or anything.

The problem with this deal is just one thing - the PRICE. It needs to be purchased for about $75,000 or less in order for it to be a good deal. I'm pretty sure the owner is either retarded or delusional as he is listing it for $175,000

Sauk City has a population of 3,500. Just LOL @ paying $175,000 for a 4/2 old, non-new house in a city with a population of 3,500. You could pretty much almost construct a BRAND new house for that much that is above and beyond that property on an empty adjacent lot.