What are some hidden problems associated with a condo for sale?

I am looking to but my first condo. I looked at one this weekend and the price is just too good to be true so I'm trying to figure out what could be wrong with it. Here are the details: It is a 2 bedroom, 3rd floor condo in a decent neighborhood in Chicago. It is available as the result of a foreclosure. It has new duct work, new electric and hardwood floors. The walls and celings look to be in good shape. The only things it will need are a refrigerator, dishwasher and a washer/dryer. The bathroom sink is complete except for the faucets. Other than that, it seems great. Now, here is the part that has me worried: It is only $50,000 and it has been on the market since January. Can anybody offer possible reasons it would be this cheap?What are some hidden problems associated with a condo for sale?
You should be leery since normal for Chicago is 200k. Knock on doors and ask the other residents what is wrong with the building.


Possibly and major bill from the association for large repair or renovation to the building. Ask your realtor what is the story.