Status: Renovated
Ugly price: $45,000
Restored price: $162,000
The Chicago area is a moderately-priced market but when a two-bedroom, two-bath townhouse is in as bad condition as this one was, the value can plummet.
Despite the separate dining room, the balcony off the master bedroom and the nice yard, this home sold for a mere $45,000.
Why so cheap? The interior was a disaster. Junk was piled shoulder high in some spaces. It took three, 40-foot-long dumpsters to get rid of it -- and that did not include construction debris, reports the buyer, Alan Washer, a HomeVestors franchisee.
Washer completely rehabbed the house and replaced the wiring and heating systems. He put in all new interior doors and hardware, hardwood floors, bath tile and fixtures, windows and molding. All told, it took six months to complete the job.
Even after deducting for expenses, the deal was profitable: Washer sold the home for $162,000.
NEXT: Englewood, Colo.
