We used to be the global manufacturer of farm equipment. The early 80's farm crisis closed several major players. Deere is still headquartered here, but plants are established in China and elsewhere.

My area also hosts a U.S. arsenal with custom manufacturing for military equipment that has kept many people employed. We also have the largest aluminum press in the world that makes all the skin for Boeing, Airbus, and all the rest (Bombardier, Embraer, et al).

I've worked for all of them.

We never recovered from the loss of farm manufacturing, which has depressed home prices.

The GP said:

"with great damage"

Which would explain why they are cheap, and also land in that area is very cheap, so it basically converges onto the price of the land.

A mixture of:

1. The home being in a state of disrepair such that most lenders won’t fund a mortgage

2. Being located in a region where the local economy can’t support high home prices

3. Because of the lack of desirability, a lack of speculative investment.