(North) mid country bargain?

31 Baldwin Farms North has sold for $1.7 million. It started at $2.8 million in August, 2017, and the town has appraised it at $2,734,100, so $1.7 would appear to have been a deal, but I'm not so sure that was. It's an obsolete 1965 home (with failed pool) on 2.5 acres which, to me, suggests land value only,* and $1.7 strikes me as a high price for a building lot in this neighborhood. Propane heat, Parkway and Western school districts; none of those are popular right now.

* I note that the new owners have immediately listed it for rent at $6,500, which indicates, to me, that they'd like to cover their carrying costs while obtaining the necessary permits to raze and rebuild. As a rental, this wouldn't be a bad deal at somewhere around that price.