Why so cheap??

Interesting listing for a number of reasons. Appears to have been bought out of foreclosure four months ago for less than $1,500,000. Quite a profit @ $3,250,000. "The tenant is elderly with no children." Reminds me of the "tenant profiles" I read when financing unsold coop shares in the 1980's. Didn't they pass a law banning tenant profiles in sales literature?

If the current tenant has a 25 year old common-law spouse, you will have many years to enjoy planning the renovation.

http://metcouncilonhousing.org/help_and_answers/succession_rights

http://articles.chicagotribune.com/1995-12-27/news/9512280029_1_jeanne-calment-elderly-woman-christmas-day

One issue with these types of deals is the tax law changed in the 1980s so that unless you are a professional real estate investor you can't write off the losses against ordinary income on this type of deal.