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.
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.
“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.”
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.