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What is a fixer-upper?

What is a fixer-upper? Here are some definitions.

Noun
  1. (US, informal) A house, property, car, or other object that needs to be fixed up or repaired, often purchased as an investment.
  2. (informal) A person who tinkers or fixes things up.
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Examples
Their goal was to find a fixer-upper with an ocean view in an area that was no more than a five-minute drive from town.
Read about how to buy condemned properties or a fixer-upper and make it worth your time and money.
If those are the pertinent questions, then you may be about to close the deal on a fixer-upper.
Owner Jerry Jones wasted little time in pink-slipping Dave Smith and hiring Bill Brown, the quintessential fixer-upper.
You've bought a fixer-upper with a neglected yard, and you want to make it pretty.
I wanted to find a place in the country, an old house, a pretty fixer-upper, but most importantly without any established garden.

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