Just Listed – Overlook Fixer

4 bed | 2 bath | 3,140 sq. ft. | Taxes: $6,206

Rare rehab opportunity in the sought-after Overlook neighborhood near the newly expanded Adidas campus. This classic craftsman has great bones with many period details intact. Huge upside on this one. Adjacent lot to the west available too. The location is close to public transit, near many amenities and so easy to get around with a Biker’s Paradise score of 95 and Walk Score of 70.

AS-IS CASH ONLY PLEASE.

1. Save money and land in a neighborhood that could otherwise be unaffordable

Landing a fixer-upper in your wheelhouse is a great way to save some money when purchasing a home. In exchange for taking on a project, you give yourself the opportunity to sneak into a neighborhood that may not normally be in your budget. At the same time, you can likely get more square footage for your buck.

2. Lower your taxes

Another component of cost savings when buying a fixer-upper is real estate taxes. If you buy a house that needs work, the assessed value for real estate taxes will initially reflect that, and it will most likely take a while for the city or town to catch up to your renovations. That being said, however, prepare for the taxes to jump up at some point, but you can initially save money on taxes.

3. You can customize

With a fixer-upper, you have the opportunity for personalization. Instead of paying a premium for a move-in ready home that may or may not be your style, a fixer-upper allows you to create the home you actually want — rather than someone else’s idea of a dream home.

4. You have the ability to make a profit

Another great thing about putting money and sweat into a fixer-upper is that you generally end up making a profit you go to sell, if you do decide to go that route. For example, if you buy a home for $250,000, put $50,000 worth of work into it, and do some of the work yourself, there’s a great chance that your resale value is going to be much higher than $300,000. This is why house flipping has become so popular.

Read more about the pros and cons of buying a fixer upper at MSN Money