Before & After: A Potrero Hill Flip Lists For $1,895,000

It was one year ago this month that 896 Rhode Island Street appeared on the market, offering a “wonderful view” and “amazing opportunity” to renovate. Over a hundred days and a half-million dollars in price reductions later, the entirely unfinished shell of a home finally sold for a reported $1,050,000. And the new owner, a licensed general contractor, wasted no time getting to work.

Building permits issued from late 2021 to present account for an estimated $206,000 of improvements. In addition to a kitchen and bath remodels, new siding and decks, the hilltop single-family house gained two bedrooms and approximately 450 square feet of living space. The transformation, completed in only six months, is impressive. Check out the before and after photos, courtesy of SFAR MLS, below.

Now returning to the MLS exclusively listed by Sotheby’s International Realty and seeking $1,895,000 — suggesting an expectation of overbids — 896 Rhode Island Street is definitely not a slam dunk, however.

Buyer fatigue, skyrocketed mortgage interest rates, fear of recession, and record high home prices have house hunters operating with heightened scrutiny. A funky floor plan, absence of parking, sub-prime location or humdrum finishes can make or break a deal. Even freshly flipped properties attractively priced around/under $1,000 per square foot that likely would have received multiple offers one or two years ago are dropping off the market without sale with increasing frequency. (Here are a few of them.)

All that said, Potrero Hill has seen just 35 new single-family home listings year-to-date. Twenty-six of those have landed a buyer, only one listing was cancelled without sale, and of the remaining eight listings 896 Rhode Island Street is one of only two priced to sell anywhere close to $2 million (others range from $2,995,000 to $9,995,000).

What do you think? Does this place have what it takes for a speedy and over-asking sale?

We’re always scoping out great buyer opportunities, both on and off market. Whether you’re just beginning your home search or on the hunt for something specific, please get in touch > 415.715.9205 / homes@vulcca.com