Is it worth it to buy a house in bad condition and renovate?

[Galit Garsiel]

When buying a house in a horrible condition that needs plenty of fixing, will the cost of the renovation be as high as the cost of buying a better house that doesn't need fixing?

Say I want to buy a house to rent it out. If I buy a derelict house, fix it up until it can be rented out at a certain price, say 700$, or buying a house in good condition that can be rented out at 700$ without renovation? What costs less? What is more profitable?

[Greg Scott]

These are not "Yes / No" questions.  The answer to all is "maybe".

In any case, it is up to YOU to understand what the value of a property will be in its current and fixed-up condition and to assess whether or not that is a good deal.