I saw 884 Douglass on my Tuesday broker tour last week, and thought it was a great project house. Given the overall size, and the fact that the the 4BR/1BA floorplan is reasonable and intact, a good down-to-the-studs situation may be in order, with plumbing/electrical system upgrades, and the addition of a bath or two.
But you don’t have to necessarily expand horizontally or vertically, so you could probably get permits fairly easily. In fact, the neighbors and the Building Department would appreciate the improvements. And the location within Noe is excellent. We will wait and see who has the financial means to purchase the property and complete the renovation. My guess is it will be an owner occupier.
Update: 884 Douglass sold for $1,050,000 in February 2009.