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New to Market: Three-Bedroom Fibber in Venice

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This may not be a failed flip, but considering that this Venice home (it's east of Lincoln, but walking distance to the new Whole Foods) sold in July 2007 for $789,000, it may very well be. Or maybe someone purchased it and got laid off and can't make the mortgage payments. Either way, someone else's bad luck spells opportunity for you: The three-bedroom listing for this home (1,104 square feet), notes that at $709,000, it's the cheapest 3 bedroom in Venice." Not true! Exhibit A. More: "$120,000 reduction from original price...Eat in kitchen, formal dining room and separate laundry room. Hardwood floors throughout and smooth ceilings. 2 car detached garage off the alley with remote. Property has new main line, gas line and copper plumbing. Buyer to verify. Move in now and add on or remodel later." We're digging the eat-in kitchen.
· 965 LAKE St [Redfin]