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Well-Priced Bijou Ranch in Sagaponack for $849K

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This renovated ranch in "Shagaponack" seems reasonably priced to us, given that the property last sold in August 2007 for $850,000. It's smallish at 1465sf, but there are three bedrooms and two baths, on .70 acre with plenty of room for a pool. The kitchen is impressive and the living room has a cathedral ceiling and fireplace. For those buggy summer nights, the screened porch is essential. So what's the catch? Your ideas in the comments.
· Charming Sagaponack Close to Beach [Sotheby's]