Considering Tarzana off-market Fixer for $620K. Is that crazy?

[Trevor Baker]

We've been presented with an off-market Fixer in Tarzana for $620K. 1362 sq ft  3 + 2.  7000 sq ft lot.  Detached 2-car garage.  No pool.  Built in the '50's (like most of the Valley!) Haven't been in it yet, but it looks like a solid house.  Needs updating... kitchen, bathrooms, flooring, landscape.  Could probably do it all for $50K.  It's north of the freeway, closer to Reseda.  Not on a major street.

A similar renovated home down the street just sold for $810K!  But, was that an anomaly?  I pretty crappy house close by sold for $450K.  

So, what do others feel the market is doing in Tarzana?  Are homes this size, north of the 101 getting into the mid to high 700's pretty easily?