Status: Renovated
Ugly price: $180,000
Restored price: $330,000
From the street, this bank-owned property looked pretty good: a modest wood-framed colonial with a small yard and a two-car garage. Inside was another story.
The roof had leaked for years and rainwater had rotted out many of the home's structural elements -- all the way to the basement. The plaster ceilings and walls were un-salvageable and ugly thick mold was growing all over the damp spots in the house.
The buyers had to completely restore the home with new floors, sheet rock, paint and woodwork. The baths were done with tile and the kitchen with granite counters, cherry wood cabinets and stainless steel appliances.
Teaneck, N.J., where this home is located, is a short hop to Manhattan and home prices are relatively high, averaging about $350,000, according to real estate website Zillow. The buyers only paid $180,000 for this home. After they renovated the place, they sold it for about $330,000.
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