Why Is This Home Priced So Inexpensively? (U.P. Of MI)

[Rick-o]

I first noticed this property a few weeks ago and assumed the asking price was an error. It's still listed, and has been for over a year. 85K is about a third of the cost of what a home of this caliber is listed for.

Any "gotchas" you can see that I may have missed?

I've been combing the U.P. for the past few years looking for my "last retreat" before the big dirt nap. This place looks good, but ultimately, I want waterfront, preferably on the Great Lakes. However, the cheapskate in me says this is a screaming good deal. What say you?

http://www.zillow.com/homes/for_sale/MI/.../9_zm/2_p/?