Sometimes, a property does not show well, but would be a great value if you can get past the surface flaws. This may be the case here. Although it is in a great place with wonderful schools, a glance at some of the pictures shows a house that needs some work.
So, your to-do list includes removing wallpaper and worn carpet. Big deal. Odds are, you would want to repaint anything you get to colors you like anyway. And carpet wears out and gets replaced regularly. So what's the big deal here?
The point is, sometimes worn or outdated decor and flooring is a cosmetic issue, and sometimes it is a sign of bigger trouble. A home inspection (which you should always get prior to purchase) would tell the tale. If the roof is falling in, be careful.
But if it just needs a coat of paint, then a house like this can be bought at a discount. This one, for example, is three bedrooms and two baths, 1460 square feet. For Grosse Ile, you are getting it for a good price, assuming the house is in decent condition. Think about it.