Why is this Evansville home with only 1 bathroom worth $500,000?

I recently subscribed to Zillow emails, and now I have developed a strange obsession with real estate listings. It's literally the first email that I check every morning.  A half-million dollars can go a very long way here in the Evansville area. Why would anyone pay $510,000 for a house with 830 square feet and only 1 bathroom?

I thought this listing from Mark Miller ERA, I thought maybe there was an extra zero or two. There is only one bathroom, and the price is listed as FIRM. The description doesn't mention how much land you are getting with this house.

This property adjoins the new Blue Heron Estates and is Ideal for a developer to start a new residential neighborhood. It is located off of Green River and Millersburg Road in the fast-paced expanding north side residential market.

You could start your own neighborhood? The lot size is 20.5 acres! Now, I have no concept of how much space one acre is, but I think you could easily build twenty homes, and probably make enough money to retire!

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I get ten new real estate listings in my email, and I can see which houses have sold. This particular property has been on the market for over 40 days as of October 11, 2021.

I had another thought about what that giant piece of property could be. It could be transformed into a T.V. / movie set! I'm just saying, this would bring celebrities to Evansville, and really put us on the map. It is also possible that I've thought about this way too much LOL.