Why is this mansion in Syracuse NY so cheap? ($54,900)

http://homes.yahoo.com/New_York/Syracuse/174-w-lafayette-ave-76:610b9dc49a24ef1e677fd399ced0d452/
I'm not the owner of this house or a real estate agent trying to make a sale, I just am curious why this mansion is only $54,900. This is a multi-family house with all the apartments rented. It's probably negotiable too. In Syracuse NY.
This is the cheapest mansion I've ever seen. 5418 square feet.
If all the apartments are rented, I take this to mean that it's not going to collapse.
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http://homes.yahoo.com/New_York/Syracuse/174-w-lafayette-ave-76:610b9dc49a24ef1e677fd399ced0d452/

Empty lot on either side. Prices in line with other homes. Bad area ?
http://www.zillow.com/homedetails/174-W-Lafayette-Ave-76-Syracuse-NY-13205/2112257798_zpid/
Greg
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On Mon, 24 Jun 2013 18:49:33 -0700 (PDT), snipped-for-privacy@aol.com wrote:

just am curious why this mansion is only $54,900. This is a multi-family house with all the apartments rented. It's probably negotiable too. In Syracuse NY.

Mansion? It is a multi family unit that probably needs a lot of repair. Perhaps the slum lord is retiring. It may look OK in the photo, but it does not show the old wiring, plumbing, or sagging floors. The fixtures look rather old too.
Fully rented means people are living in each unit. It does not mean the rent is paid on time.
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snipped-for-privacy@aol.com wrote:

http://homes.yahoo.com/New_York/Syracuse/174-w-lafayette-ave-76:610b9dc49a24ef1e677fd399ced0d452/

cuz its a crack house?
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http://homes.yahoo.com/New_York/Syracuse/174-w-lafayette-ave-76:610b9dc49a24ef1e677fd399ced0d452/

Let me guess: Location, location, location
Not uncommon in many cities and urban areas.
Tomsic
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