IT could be a contender as the cheapest house listed in Newcastle and Maitland in years.
And after 327 days on market, a dilapidated cottage in a flood-prone area at 18 Abbot Street in Maitland has found a new owner.
The one-bedroom property on 316 square metres was sold on March 8 for $270,000 which falls well below Maitland's median house price of $620,000.
Stone Real Estate Hunter Valley selling agent Renee Bean-Wyper listed the deceased estate for sale in April last year with an initial guide of $299,000 to $330,000.
There was no way that potential buyers could see inside, with it closed off due to the dilapidated state of the home.
"It was far too dangerous to go inside, so there were no inspections of the home," Ms Bean-Wyper said.
"It was definitely a knockdown because you could see through the roof and it was really just a home for pigeons.
'It certainly was a challenge."
The agent said the property was uninhabited for many years and the listing posed multiple hurdles such as it being in a flood-prone position.
Although she was not familiar with the history of the property, the agent said the original owner lived in the home during the 1955 Maitland floods.
"The water went up and over the roof during the flood, if not even more, so that house has been through hell and back," she said.
Ms Bean-Wyper said the listing drew strong interest from builders and renovators in the market for a bargain buy.
However, the level of work required to improve the home was too extensive.
"I had many builders come through and lsay, 'Yeah, we can fix this' but when they saw it in the flesh they said, 'No, it's a couple of years past its use-by date'," she said.
"Everyone was adamant they could renovate it, so it's going to be interesting to see what the buyer does with it."
The property is positioned 100 metres from Maitland's High Street and is zoned for B4 Mixed Use.
The property was purchased by a buyer from Newcastle whose plans for the home remain a mystery.
"I asked him what he plans to do and he said, 'You will just have to keep an eye out', so I don't know if he is going to have a go at renovating it or if he will knock it down," she said.
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