That is how the home inspector described our house purchase this morning. There are a few bigger problems that will have to be taken care of by the seller before we close (for example, removing an old gas line that used to go to the hot water heater before it was switched to electric), and a several minor things that hopefully the seller will take care of but if it goes above what they are required by law to fix, and they refuse, we won’t mind doing ourselves (for example, the kitchen sink isn’t caulked). The inspector certainly didn’t give us the impression that we had anything to worry about.
The inspector (who, while not a real estate agent, clearly sees his share of houses being purchased) seems to think that with a little love, we could have a house that will bring us $40-50K more than what we’re paying for it when the time comes to sell it once the housing market has rebounded. That would be wonderful news indeed. I believe in buying a house because you want to live in it, not just because of the investment value (unless you don’t plan to use it as your residence and really are just buying it as an investment property), but it’s sure nice to know that the home you want to live in is a good investment as well!