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That's the cost of my mortgage, and I have a 6 bedroom house.
It looks like the homeowner is trying to get a renter to pay theirs.
Depending on where it's located, this could be considered a bargain. I've seen basement closets for $700+/month that didn't have windows or a kitchen.
EDIT: I should add that this wasn't in a large city. https://www.zillow.com/homedetails/1042-Winthrop-St-BASEMENT-Brooklyn-NY-11212/2061307902_zpid/ is an example of $1,200/month in NYC.
I’ve seen basement closets for $700+/month that didn’t have windows or a kitchen.
Huh. Fun fact, the International Building Code is a "model code" that's adopted as the basis for building code by most jurisdictions in the USA. Meaning if you're in the USA it's more likely-than-not code where you live.
Another fun fact: there are egress requirements for basement that contain "sleeping rooms" (R310.1). Essentially, you need a minimum 1 normal means of egress and 1 emergency escape and rescue opening unless the building is equipped with an automatic sprinkler system -- and your local code might have even stricter requirements.
This is a disturbingly common code violation by people trying to rent out their basement. It would be a real shame if someone were to read up on their local code and report suspected illegal basement conversions to local code enforcement or the fire inspector.