Not seeing the inside but I’ll be that house needs another $100K just to make it habitable.
A lot can change in 20 years, good or bad.
We are just finishing a long ordeal fixing up a 120 year old house, so I hear you. But the pictures of the inside of this house on Zillow don't make it look like there is a lot of repairs needed The value issue that it has... is that it is in a rural area in New York. My wife looks at a website daily called oldhousedreams.com. Rural New York has houses that are incredible values all the time. Sometimes people are asking $50,000 for a house that has property taxes that are $10,000 a year; people just choose to walk away. Rural New York has what are turning into ghost towns because of high taxes and the state government.