A fixer-upper can be a "good deal" 
Homes in poor condition were once called “Handyman Specials” or "fixer-uppers". Now they’re referred to as homes with “Great Potential”. They’re often under-priced due to a need of serious repair or updating. Buying such a place is a good way to own a home in neighborhood you ordinarily couldn't afford.

If you're handy with tools, or can hold off on improvements until they fit your budget, this could be the home for you. Before purchasing such a home, you should have it thoroughly inspected and have a contractor give you an estimate on repair costs.

Before entering into this kind of venture, be sure that you will have the time and money to complete necessary work. Some neighborhoods and communities have restrictions limiting how long your home’s exterior can be torn up or left unattended. Also, should
you suddenly decide to move while in the midst of your renovation, you’ll find that all
the unfinished work will make your home difficult to sell.

Even if you’re talented and are inclined to do this type of work, a fixer-upper may not be for you…especially if you have small children. Keep in mind that there will be various disruptions, with rooms being closed off, different teams of workmen trooping in and out of the place, the kitchen and baths potentially becoming unusable for a period of time, and so on. Weigh the potential savings against the potential disruption of your home life before deciding to tackle a home that needs a lot of TLC.