This is literally the cheapest co-op I've ever come across in my real estate listing sojourns. Gun Hill Road is not as cool as Bedford Park, or Van Cortland Village, or Mott Haven, or Pelham Parkway, but the price on this unit can't be beat.
The pics actually show a unit that has been maintained and doesn't need much work. If you were to get a 30 year fixed rate mortgage with 20% down, you're monthly would be a mere $215. Throw in a guestimated maintenance fee of $125/month and you'd have a one bedroom for only $340. You can't find one bedrooms for that price anywhere in the City.
There is some shopping on Gun Hill Road itself, and Bay Plaza is reasonably close. You also be somewhat near Bronx Park and the Botanical Garden.
Of course transportation is pretty sweet with the 2/5 at Gun Hill Road and the Williamsbridge Metro North stop a few blocks west at the Bronx River.