An uninhabitable terrace with crumbling walls and a man-sized hole in the second floor has been listed for auction with a price guide of $1m-$1.1m.
The second floor is understood to be unstable and the agents conducting the sale are restricting onlookers from going up the stairs to see the two bedrooms until there is a full building assessment.
Selling agent Blair Cardile said early feedback from interested buyers was that restoring the Jones St home to a liveable standard would be a large undertaking.
“We’re still waiting for a building report to tell us what needs doing,” the Belle Property-Surry Hills agent said, adding that opinions at the first open for inspection varied.
“Some say they (could renovate) for $300,000. One said $800,000. The figure varies so much,” Mr Cardile said.
“The assumption many are making is that everything needs to be done. It needs a new floor, new kitchen, new layout … you would want to add a car space.”
MORE: Samantha Armytage’s big real estate miss
NRL superman’s savvy big money moves
Early interest has come from a mix of professional builders and mum and dad-type renovators, the agent said.
It’s the first time the property has been up for sale since it was built, according to sales records, and it is being marketed as a “dynamic blank canvas” opportunity in Sydney’s inner suburbs.
The listing admitted the terrace “has seen better days” but added that it has “unlimited scope” to “create something special”.
MORE: Money guru’s shock cash offer to homeowners
The auction follows a spate of fixer upper sales in the suburbs surrounding the Sydney CBD.
A rundown Balmain house described as a “blank canvas” sold on the weekend for $1.58m.
And further west, in Ashfield, a crumbling four-bedroom house on an overgrown block recently sold for $2.4m.