In depressed areas sometimes it would cost much more to build a new building that it would be worth.

Many years ago I built a house that I ended up taking a bath on, through a combination of poor construction choices (building for myself instead of the market), timing (local market came down as I was trying to sell and prices were depressed), and sheer bad luck (just after I started a large developer bought a farm across the street and started dropping low-quality houses priced $30k or more below mine).

We bought these properties in 2008 and 2011 when the market was depressed, so we have gained significant equity.

After I developed a seizure disorder, my carrier dropped me.  

Plus I do have a nest egg in traditional IRA that will never go into REI that will keep me out of the cat food isle unless RE AND equities go into a very long term depression.

It normally sells within +/- 2 or 3% of the asking price (unless the market is very hot or very depressed) because these sellers do not have a pressing NEED to sell, they simply WANT to sell, usually so they can move to a bigger house.Since you want to learn you should spend time learning about the wholesale market.

I get disability for post traumatic stress disorder related to my service in Iraq.  

In some ways I actually hope for a mini housing depression so prices can come back down where I like them.

Read everything by Templeton as he bought the cheapest 100 stocks during the great depression which is one of the ways he started his fortune.)

The area is a bit depressed, but hey, people gotta live somewhere.I guess my main concern is, if it's so great, why is the current owner selling?