Ocean front property analysis help!

[Varinder Kumar]

Currently working on getting offer approved by bank. This is a short sale home located in Malibu, CA. The seller is in default. The price i offered is $1,250,000 the property was in escrow last year for $1,550,000 but it fell out because seller wanted to live there for 6 months no rent. The story is he is a 75 year old man who works as an architect, he got cancer couple years ago survived and due to the cancer he was unable to pay mortgage. The comps are anywhere between $1.5-2.5 million.  This particular property is a 3200 sqft home. It used to be 2 condos which are now combined in 1. It faces the ocean. 

My plan with this one is to simply buy and relist for sale with little rehab work. The home is dated but livable. I dont want to spend money on rehabbing a complete flip gutting kitchen etc.The fact that it was in escrow for $1.5 million last year is what makes me believe it should sell for that or little bit more maybe $1.6 million. Just wondering what your guys thoughts are about purchasing and relisting with no rehab? Please advise. Thanks!