I’m guessing there is a lot of concrete and steel - and that’s a pretty dry climate too. I bet it is in pretty good condition.
Funny - here in the Seattle area there are old rundown ramblers on a half-acre lot that will sell for a similar price. Parents died or moved years ago, the kids let it sit empty until the right time to sell. So yeah - they are pretty much useless and rotted out. And then of course you have to pay to tear the house down on top of that!
The weak spot is usually the roof.