Probably, the same reason I was not excited. ARV is difficult to determine, lot is defective, floor plan is awful, condition is awful, etc.
Zillow and sites like it are prone to using bad statistical techniques on inaccurate data and producing grossly misleading values available to the public at the click of a finger. Since most people have little or no understanding of statistics they dont question the methods and are only too happy to consume this data. Specially when the data supports their foregone conclusion or their desires. If you are an investor you do so at your own peril.
At best, Zillow is a very blunt tool. But, if you are going to use it then you should understand it. Drill down into the ZESTIMATE. You will see that they have no sales data only two homes that are FOR SALE that are being used to estimate the value. Both of these might as well be the Taj Mahal when compared to this property and are on nice use-able lots. Tell Zillow that you are the owner and it will show you other homes that you can use to customize the way it is calculating the ESTIMATE. Of course the ZESTIMATED value of any property you choose for your new comps will be equally inaccurate unless you go and do the same process.
Anyway, bottom line is that unless the neighborhood you are looking at has lots of recent sales which are similar in vintage, construction, lot size, condition, and interior finish, Zillow's estimated value is nothing but a Wild Ass Guess.
You have to dig in and do your own comps. If you have access to the MLS then that is the best way. But sometimes there is just no good sale data to be had. Then, you really have to be careful.
This is one of those cases.