$299,000 in Edgartown, Martha's Vineyard?

Yes you read that correctly. A 3 bedroom, 3 bathroom home just reduced it's asking price to $299,000. This cape style home is located on 43 Eleventh Street South in Edgartown MA. It is a short sale. House has 5 total rooms and a full basement. There is a small outbuilding in back as well. It sits on .17 acres and is assessed at $406,000 for 2010.