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$1.4 million for ‘dilapidated’ home with no bathroom

Exterior of 110 Morehead Street, Waterloo from front and back.
The home at 110 Morehead Street is completely unliveable. (Source: Bresic Whitney)

A renovator's dream or a complete money pit? This 1800s terrace home in the Sydney suburb or Waterloo is back on the market again after selling for $1.4 million last year.

In fact, this will be the third time the property, at 110 Morehead Street, is going to auction since 2020, this time with a price guide of $1.15 million.

It features three bedrooms and one bathroom but it will be a chilly walk in winter because the bathroom is not located inside the main house. Instead there is an outhouse at the back of the yard.

Backyard of 110 Morehead Street, Waterloo.
The backyard is more like a dirt pit. (Source: Bresic Whitney)

The bathroom also only includes a toilet, with no shower or bath at the property at all.

So, why would anyone want to spend over a million dollars on this property? Well, its location is what matters.

The terrace sits on the edge of Redfern and is part of the historic ‘Grosvenor Terraces’ - Sydney’s longest intact row of 1800s homes.

Inside 110 Morehead Street, Waterloo.
The hoe features four-metre high ceilings. (Source: Bresic Whitney)

“One for renovators or builders, this rundown terrace is in need of a complete overhaul, a blank canvas for a city project,” the listing says.

“Now sitting in a transforming urban precinct between Danks Street's creative hub and Green Square town centre.”

Inside 110 Morehead Street, Waterloo.
The home appears to have some water damage. (Source: Bresic Whitney)

And a “complete overhaul” might even be an understatement. The rooms in the classic home are lit by retro-fitted fluorescent lights and many appear to have sustained some water damage to the walls.

The backyard, which leads you to the outdoor loo, is more reminiscent of a dirt pit.

But, despite the listing saying the home is in an “unlivable condition”, it also points to its potential.

With soaring, four-metre-high ceilings and the original iron and lacework facade, nabbing a three-bedroom home only a five-minute drive from Central Station for a little over a million dollars could be considered a bargain - to some.

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