The collapse of the housing market can’t help but tempt buyers into at least considering snapping up a cheap property to remodel and live in, rent out or simply sell for a profit.

“A prospective homeowner should look in the bank-owned market to find an undervalued home,” advised Richard Warren, a veteran real estate rehabber. “Look for something that has good bones, with solid construction, that may need cosmetic repairs rather than a building that needs major structural work. Don’t fall in love with something that needs a lot of work.”

Warren wrote “A Rehabber’s Tale” to counter the fantasies spawned by the “flip and grow rich” TV shows. People “think it’s easy to buy a rundown house, quickly renovate it and reap enormous profits. That’s not the case.”

Bank-owned properties “in good condition” are also what Emily Medvec, a Santa Fe broker, recommended for would-be rehabbers. “It should have a decent roof and a working furnace and appliances. Many people are trashing homes before they’re foreclosed, and the banks are not necessarily maintaining them because of the expense.”

Bruce Irving, of Cambridge, Mass., former producer of TV’s “This Old House,” is a remodeling coach advising homeowners on renovation projects. He suggested looking for a home that needs some renovation. Many people are looking for homes that don’t need a lot of work, he said, so there is less demand and lower prices for homes that do need work.

Other things Irving advised looking for:

» A house that sits high off the ground on a good foundation. These tend to be healthier than those on a grade.

» A property with features and amenities so clearly out-of-date (like a 30-year-old kitchen or ancient heating plant) that you won’t be asked to “pay” for them in the sales price.

» Most spec-built houses from the 1970s and ’80s should be avoided, Irving said. “They tend to be of poor construction quality.”

Marni Jameson, nationally syndicated home design columnist and author of “The House Alwayled several homes and offers these tips to avoid a money pit:

» Have a house inspected so you have an idea of what is wrong and will need work (architect, structural engineer, soils engineer). Check for evidence of mold or pest infestation or if the house settled considerably over the years. An independent real estate expert should give you the range of prices homes are selling for in the neighborhood.

» Find out what’s allowed — and what’s not. If you’re in a historic district, house remodels may be tightly controlled. Check out the permit process, covenants and setbacks. Investigate every regulatory body that may have a say in your remodel.