Marni Jameson: The fixer-upper has 'potential' — should you take a chance on it?

Before you buy a fixer that you intend to live in, not flip, do some heart math. Run the numbers to make sure the investment will net out, then ask yourself if your heart is in the project. (Jonoman/dreamstime.com)

The house has potential.

Every time I hear those words, a story follows that has more ups and downs than the New York skyline.

The word "potential" is dubious, as in that kid has potential, that relationship has potential, that job has potential. The word potential gets called out when one wants to infuse a precarious situation with rosy hope and optimism.

Put the word "house" in the same sentence, and, you've just added another barrel to the shotgun.

Yet "the house has potential" was precisely what the contractor said as he walked through the 15-year-old bank-owned house that my friend and I had dragged him out to look over. Neglected for years, the house had been on the market and vacant for months.

My friend D.C. is in the market for a house. I'm along for the ride because I like this stuff.

We've looked at a dozen houses. A couple, such as this fixer, had potential.

"You wouldn't have to feel guilty about tearing good stuff out, because there isn't any," I said. "You could put in the finishes you want (with my approval) and instantly add to your investment."

"I'm looking for a house, not for trouble," D.C. said. His worry level is an 11 on a scale of 1 to 10.

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Marni Jameson: The fixer-upper has 'potential' -- should you take a chance on it?