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New to Market: 1927 Los Feliz Mediterranean

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So much to like about this 1927 home in Los Feliz, a four-bedroom, four and half bath Mediterranean that's listed at $3.697 million. But does someone smell a flip? It last sold in November 2007 for $2.575 million. The listing doesn't note any recent restoration work, but it mention the following: "Magnificent c.1927 gated Medit. celebrity palazzo sited in one of Los Feliz' best locales, this crtyard entry villa has incredible character yet a 21st century restoration blending art + living." UPDATE: Yes, per the Los Angeles Times, this is actor Charlie Sheen's house.
· 2549 N CATALINA St [redfin]