This East Hampton diamond in the rough perched on a flag lot directly across from Three Mile Harbor Marina enjoys superb western facing water views. The home has a total of 4 bedrooms plus a home office with a fireplace, 3 full baths and has room to expand. Due to the elevation, the entrance is at the second floor with 3 of the bedrooms, an office and a second living room at ground level. The existing open floor plan offers a lofty sunny living room with a natural stone fireplace and a wall of sliders to an elevated deck overlooking the water with sunset views. The open kitchen has a center island and a dedicated area for dining and a pantry room. A spacious master suite completes this level. Downstairs level holds a second living room with walk-out sliders, a den with a fireplace and 3 guest bedrooms- all above ground, 2 full baths, a sauna room, laundry room and a kitchenette. This 1.1 acre parcel presents as a re-development opportunity or a swift renovation project for a savvy investor or end user. There is an obsolete indoor pool in a solarium and an attached 2 car garage. This compelling opportunity to create a special home where you can keep your boat in the Marina across the street is only 2.5 miles to the Village of East Hampton and 3.5 miles from the Ocean. Excellent summertime restaurants, a grocery and Round Swamp Farm markets are also conveniently nearby.