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Dirt cheap would be probably more correct.
Upload of wp properly takes around 15 minutes on a good server and much longer on some of the poorer hosts around making the database will require access to your domain cpanel and only a couple of mintues. Theme installation and plugins take only a few mintues.
Real SEO for any blog (not just installing some standard plugins that are not tweaked) will take longer than the installation itself.
Black hat SEO for that price is almost surely absent.
Still if the delivery is real it is still dirt cheap.
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