Meaning of fixer-upper

fix•er-up•per

Pronunciation: (fik'sur up'ur), [key]
— n. Informal.
  1. a person who is handy at making repairs.
  2. a rundown dwelling offered at a bargain price and suitable for improvement by a new owner, often with the object of resale at a considerable profit.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.