Flip or Flop Update: Boerum Hill townhouse now yours for $300,000 less. Is it a steal yet?

Earlier this month, we took a look at a Boerum Hill townhouse in need of a major overhaul as part of our Flip or Flop? series. The gutsy owner had put it on the market for $2.9 million, about six months after buying it for $900,000--a 322 percent markup. Last time we checked in, the price had already been cut twice.

Well, it seems no one has bitten yet. Today, the owner discounted the home again, lopping $300,000 off the price tag. So, at $2.2 million, have we got ourselves a steal?

That depends on your perspective. The upsides? The home is spitting distance from busy Smith Street, and the 2,100-square-foot property, though split into two apartments now, could be combined to a become a single-family home. What's more, the lot allows for a buyer to nearly double the size of the house, up to 4,000 square feet.

The major downside, though, is that the property needs a lot of work. And that price doesn't include the sweat-equity cost of overseeing a major renovation--or the possiblity of spending more than $1 million on tearing down and rebuilding.

The backyard at 101 Douglass could definitely use some work  (Photo credit: StreetEasy)

“Bring your contractor and architect to create your ideal home on a great Brownstone Brooklyn block,” boasts the listing, with Paul Murphy of the Corcoran Group, who declined to comment.

The home was originally listed for $2.9 million. But even a few weeks ago, Donald Brennan, the principal of Brooklyn-based brokerage Brennan Realty Services, predicted that the price might be slashed even more, especially considering the potential cost of combining the units.