You ask what is wrong with it. Nothing ! The owner just had to sell. 
It does need work. An agent would say it's in need of "TLC"

So would I. Unless you liked pink walls and an over grown yard.

It has to be land value only. 

 Is the area good. Yes the QLD government is spending a fortune fixing up local roads and hospitals.

New houses sell from $350,000 + near by.

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