Fixer-upper properties come in many varieties. Cosmetic fixers usually offer the biggest return on your investment. And, they tend to be a lot less costly than homes that require major renovation.
An ideal cosmetic fixer would be a house that had been somewhat neglected, but that has no serious structural problems. It could be passed over by other buyers because it needs an exterior paint job, new landscaping, new kitchen appliances, floor coverings, updated lighting fixtures and interior paint.