Chromebook?

In short in my opinion, it's cheap because it's quite cheap. It's a perfectly adequate chrome book and will browse the Internet and do word processing etc. As long as you do more than one or two things at once.
The screen isn't great but fine, the chip fine (AMD chips are a little cheaper than intels normally for the same spec).
My guess why they've reduced it is that a new one is coming out and they're shifting stock.