San Francisco's housing crisis is so dire that one of the cheapest homes in the city is a 'fixer' that sold for $600,000. Take a look inside

San Francisco and the surrounding Silicon Valley region is swarming with big tech companies.

Tech workers from around the world flock to the Bay Area for jobs in the industry.

Source: Business Insider

The influx of tech recruits has only exacerbated the city's housing crisis.

Source: Business Insider

Home prices have skyrocketed in recent years as demand has outweighed supply.

Source: Business Insider

Even properties in less-than-perfect condition come with high price tags ...

... like a home in San Jose, just south of the city, that was pillaged by a fire and will need to be demolished — and still sold for almost $1 million.

Source: Business Insider

The pink dwelling at 66 Bishop St., though not ravaged by a fire, is far from being in tip-top condition — and yet, it just sold for $600,000.

Source: Zillow

The 480-square-foot home is situated in Visitacion Valley, an area of town known for its affordability.

Source: SF Gate

The median real estate value in the neighborhood is $802,200, much more than the pink dwelling's asking price.

Source: Zillow

However, a few blocks away sits a 1,605-square-foot shanty for $1 million, which is currently off the market, so the area isn't exempt from million-dollar homes.

Source: Zillow

For comparison, the median real estate value in San Francisco overall is $1,381,700.

Source: Zillow

Linda Ngo, the property's realtor, told Business Insider that the Visitacion Valley neighborhood is getting more attention these days.

"There's a shift of buyers looking into Visitacion Valley and Excelsior," Ngo said, the latter being an adjacent neighborhood.

The pink home was previously sold in June 2018 for $400,000. It was re-listed in October for $650,000, then for $589,900 10 days later. The listing was removed in November and officially sold in late December for $600,000.

Source: Realtor, Zillow

It's situated toward the bottom of a hill along Bishop Street.

Just from the street in front of the house, the views are nice.

The bottom part of the home is the garage.

A staircase leads up to the front door.

There's a small patio before the entrance.

And through the front door ...

... is a spacious living room and kitchen.

A grey wall accents the living room.

Source: Realtor

And a window provides some natural light in the space.

The home is almost 100 years old — it was built in 1922.

Source: Zillow

But you'd never guess that from the modern kitchen appliances and crisp white fixings.

Ngo said just in a three-day span after the home was listed on the market in October 2018, she had had "quite a few calls" from prospective buyers.

Source: Zillow

On average, homes listed in Visitacion Valley spend 51 days on the market.

Source: Realtor

Right off the living room is the bedroom.

The room is outfitted with two windows, so natural light is in no short supply.

And there's closet space in the corner.

Its walls are also partially grey, though of course the home's new owners could do away with any of these features.

A small bathroom is just outside the bedroom off of the kitchen.

The second story, however, is the only livable space currently.

Per pending building plans, the property could be built out into a three-story home of up to 3,500 square feet.

Source: Linda Ngo

According to the listing, it could "easily expand into a 2 bedroom 2 bathroom" house.

Source: Linda Ngo

Another interesting aspect of the property is that the house only takes up a third of the lot.

Source: SF Gate

Much of the 2,500-square-foot lot stretches out behind the 480-square-foot home.

Ngo said that 75% of the lot can be built out, per a conversation with the city's planning department.

That's still a fairly large blank canvas to construct a custom home, especially by San Francisco standards.

And the price was a rarity — Ngo said only a few homes on the market are listed at this price or less.

Not every home in the city comes with a view like this, either.

You can see over the rooftops of houses to the rolling hills in the area.

However, the property is still a major fixer-upper, and renovations could cost multiple times the asking price.

"You would have to find a buyer that is savvy with construction or knows someone who is," Ngo said in October, two months before the home was sold.

Even with the prospect of extensive renovation, however, the listing sold quickly.