Ah, the promise of a fixer-upper home. With the right decor and elbow grease, it could become a bargain in a hot market. Or a money pit.

How do you know if a house is a fixer-upper? Real estate agents make it clear, as did Sarah Beth Davignon of Redfin for her listing at 7635 N. Omaha Ave. in Portland, which is priced at $309,900. "Opportunity knocks in Kenton!" states Davignon. "Bring your imagination, this home has a lot of potential."

The two-bedroom bungalow, built in 1925 on a 4,791-square-foot lot, has two bedrooms, one bath and 1,768 square feet. Due to the home's condition, the cost per square foot is $175, way below Portland's median of $253, according to Redfin.

Agents Kirk Hansen and Lauren Klimoff of More Realty listed 4242 NE Hassalo St. in Portland's Laurelhurst at $499,990. They describe the 1916 bungalow that sits on the 5,662-square-foot lot as "it needs you." They then offer to show an artist's rendition of "what the home could look like if you took it on."

A stronger statement is made by Richard Voss of Windermere Peninsula Realty regarding the 1910 cottage at 5616 N. Willis Blvd. in Portland's Portsmouth neighborhood, which is listed for $224,900: "Potential for a fixer/rehab or tear down for redevelopment. Part of an estate/trust. Sold As Is, with no warranties expressed or implied."

Other euphemisms for fixer-uppers: "Investment opportunity," "diamond in the rough," "needs some TLC" [tender loving care], "major rehab project," "value is in the land," "seller to make no repairs" or the less severe "cosmetic fixer."

Pay attention when a listing warns that the buyer needs to perform his or her own "due diligence," which means, it's up to you to check that everything is legal and up to code before you sign the contract.

Here's a gallery of Portland homes on the market that were touted as needing care and much repair.

-- Janet Eastman



jeastman@oregonian.com

503-799-8739

@janeteastman



