Weird home sale

I toured a house about 1 year ago. Seemed great on paper but was disappointing in person. Suboptimal location, impractical floor plan, and modern upgrades that seem plastic-y.

This house was on the market for 2 years with steady price drops from 700k to 550k and still no buyers. Then out of nowhere it gets sold for 750k. I got curious and found the public sales record and it was sold to a nonprofit LLC. The house was then immediately listed for rent. Is this some sort of money laundering scheme? I'm baffled that a buyer would pay so much over asking after it was sitting on the market for so long.