127,000 organic sessions per year, 34 users, $0 profit. Hidden opportunity - or just poor execution?

Here’s a 2-year app that converts images to grayscale.

Key stats:
Age: 2 years
Montlhy profit: $0
Page views: 20,5k/month
Total active users: 34
Asking price: $5000
and “early subscription revenue” (quote from the listing).

The Niche: 3/5 (can become 5/5)
Online image editors are quite popular. Many of them established an online business in this niche. SEO demand is proven, and the competition is also above average, with some big players in the niche. Speaking about grayscaling images - there are existing apps for that, but if they added more functions, the niche could become 5/5.

The Business Model: 4/5
It’s not the first SaaS we’re reviewing here, so you know the benefits. The question is - why are there only 34 users after 2 years? The technical concern here is the reliance on AI under the hood. It means expenses on tokens and dependence on a 3rd-party platform. Which is quite interesting because grayscaling can be done without AI (hint: that’s a way to cut costs). But the model is stable and predictable.

The Risks: 4/5 (above average)
If I were doing the code review, I’d check the following. If large parts of the code are AI-generated, authentication and payment logic must be reviewed carefully. It’s highly important because of the payment providers. Another risk is SEO and marketing. From the buyer’s perspective, I would first think about how to get users. Such tools rarely have blogs, so the search traffic is limited.
And, of course, AI.
Using AI for grayscale conversion might be a technical overkill. This operation can be done with lightweight scripts, reducing cost and dependency risk. With ~127k sessions per year, even basic monetization should generate some consistent revenue. The issue is not demand. It’s funnel, positioning, or trust.

Also, a red flag is in the listing: the Stripe screenshot shows revenue, but under a different domain name. That needs clarification before any serious consideration.

The Costs: 3.7/5
Domain: $3/month, ~$36/year
Hosting: $13/month (quite expensive for such an app; VPS costs $5/month; or use a cheaper hosting - it’s a WP app).
The major thing is AI here. It can be as low as $10/month, and as high as $1500/month. Depends on the user activity.
Also, ads and other marketing require a budget.

Verdict: 3.0
If I were buying this asset, I would extend the functions.
First of all, I’d remove AI for grayscaling, but kept it to enhance the image quality (as a paid option).
Second, the monetization is not clear. At 127k views, it can easily be monetized with ads (plus, of course, subscriptions).

Would I buy it?
As a SaaS with 34 users and no profit, $5k feels expensive. As an SEO asset with 127k annual sessions, it could be a turnaround opportunity - if the traffic is stable and monetizable.

Would you?