Hi BiggerPockets Community!

I have a property that I am looking to purchase, and I would like the community to tell me what they think.

What: A fixer upper Duplex in Central California (buy and hold)

Context: I attended a local REI meetup a few weeks ago, and was approached to purchase a property from a local Real Estate agent and Investor. He is pretty experienced investor with 10+ years of experience. He said he had a property that he was looking to get rid of. He says he is "too busy to deal with this project being too far away from me and too small of a deal for me to concentrate any effort on". He bought the property for $125k in 2016 and is willing to sell for $90k. It is in pretty bad condition (I can post pictures)- he said it would need around 30-40k in rehabs. He said it can be rented for around 700-800 per unit. 

Questions & Concerns: 

1. It kind of concerns me that he bought it at 125k and is selling for 90k a few years later. According to Zillow, he's been trying to sell it for a few years now (he keeps lowering the price), but it isn't selling. Any thoughts on why it's so cheap and why it may not be selling?

2. What am I missing? What else should I look into to validate the deal and make sure I'm not getting dumped a bad property?

3. What else should I be asking the seller?

If you need more info, or have any additional questions please let me know! Thank you all so much :)