You could go for it, if it fails to index or if webmasters shows penalty then get it deleted for a full refund. But it would depend upon your domain registrar.
Check whether it has clean history & anchors. If everything is clean and decent, then you can request them to re index or else it will be penalized permanently by google.
To vaguely answer your questions. Yes MOST of the time it's crapola!
Could it be a hidden gem, probably not.. run it on ahrefs and wayback and see if it was an acqual site or just a pumper.
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