Sure it’s nearly 100 years old, rundown, with fencing covered in mildew and moss. But it’s the location, location, location that could make a family home up for sale in downtown Vancouver worth its nearly $7-million price tag.

The aging, split-level house at 1511 Barclay St., just a few minutes away from English Bay Beach, doesn’t look like much from the front, with its crumbling wood trim and weather shingles. And it’s a mystery what the house looks like from the inside, since the selling agent has chosen not to post any photos of the interior.

But the listing assures prospective buyers that it’s “a beautiful old timer house just needing a little TLC.”

As a testimony to just how crazy downtown Vancouver real estate prices can be, the same house was on the market not long ago, in October, 2015, looking much the same. It sold then for $2.8 million. The house, which was built in 1922, now has a market assessment value of $3.45 million. But the seller is hoping this time for $6.98 million.

Though the home sits on a relatively large 33-by-131-foot lot and boasts 2,300-square-foot of living space over three suites, it's unclear what justifies the asking price. CTV Vancouver reached out to listing agent Sydney Deng on Tuesday but did not hear back.

Kevin Chiang, a commercial real estate broker, says he was shocked when he saw the asking price. But he notes the property, like many in the neighbourhood, is zoned RM-5, which means a residential development such as a townhouse could be built onto the back of the property, though the original house would need to stay.

“The city will allow a potential infill of six storeys in the back lane behind the house,” Chiang said.

He added, though, that he’s not sure the sellers are going to get the price they’re asking for.

“At this price point, in my opinion, I don’t see it. It’s quite high for the potential.”

Still, according to B.C. Assessment, a nearby property at 1390 Thurlow St. with just one bedroom and three bathrooms sold for $6.4 million in December.

And a larger home at 977 Broughton St. with nine bedrooms and six bathrooms sold in September for $2.8 million.

With a report from CTV Vancouver's Scott Roberts