It's currently the lowest-priced home in Oakland, and might offer a patient, ambitious buyer who wants to squeeze into the Bay Area real estate market an opportunity.

The tiny, ramshackle house with 364-square-feet at 7010 Herbert Guice Way near the Oakland Coliseum is priced at $235,000 — which requires a $47,000 down payment if you put down 20 percent.

The roof leaks and the exterior paint is peeling, but the interior is clean and tidy, if unassuming.

Listing agent Robert Collett of Berkshire Hathaway says there's the opportunity to build a two-story home on the 2,299-square-foot lot. He admits the profit from a quick flip would be slim, as the price of a major renovation would be high and the average sale price in central East Oakland is about $575,000.

In the Coliseum neighborhood specifically, Collet adds, "There's really nothing worth $500,000. You're not going to cross that threshold now. The most a new property on this lot could go for would be $450,000 to $500,000. There's not a huge margin in a short-term place."

According to Collet, years ago squatters took over the home and, when the city kicked them out of the property, they pulled out the water pipes. To reinstall water, Collet says the cost will be about $7,000 for a one-story house and $10,000 for a two-story.

The current owner spent countless hours of dealing with the city to address liens on the home, but after only a couple months of owning it, realized she couldn't afford to take the home to the next level.

"She bought it for $225,000 a couple months ago," Collet says. "She's not trying to make a profit. Just wants to break even."

Collet is hopeful properties here will see an increase in value as other surrounding neighborhoods in East Oakland. Collet believes it's inevitable the neighborhood will become more in-demand after the Oakland A's baseball team moves to new digs and the future of the Oakland-Alameda County Coliseum is sorted out.

Currently, there's a plan to turn the area into a tech and housing hub.

"If you bought it and lived there and rented it, then I'm sure in five or 10 years I know it's going to be worth more," he says. "In West Oakland, prices went up. It used to be an area a lot of people weren't moving, and then it got popular and people are coming to this area to look at places like this."

A new owner could build a big home on the lot or keep it small and cute on this sun-drench lot where a vegetable garden would thrive.