Did some checking. The 1,200' of "lake frontage" is all swamp/wetland frontage... useless, except maybe for a duckblind or two. No beach, no swimming, building a walkway over a swamp leading to a pier, so as to actually have some access to the lake, is expensive.... and a legal hassle. The only thing this "frontage" does is drive up the tax bill. Taxes are $2,119, with no improvements?
The legal description says the property is divided by hwy B, with 65 acres to the west, and 34.6 acres to the east (described as "black ash lowland forest"... realtor speak for swamp). The 65 acres of high ground has more value than the 34.6 of "lowland forest" on the lake, IMO. Swampland taxed as "lake frontage" is a huge detriment, thus the seemingly low price. I'd offer to buy the 65, but not the whole parcel. Property taxes would be cut by about 75% without the "lake frontage" inflation.