The one-bed property in Gorgie, which will go up for auction in October, is said to require a complete makeover, with images showing stripped out rooms.
The flat is described as an "exciting tenement refurbishment project," estimating that the property could generate as much as £9,000 per year once renovation is completed. A guide price has been set at £100,000.
The listing reads: "Whilst not currently suitable for mortgage lending, this property offers a fantastic opportunity to add significant value through a programme of refurbishment."
It continues: "This property is ideal for investors, whether for rental or resale, but could equally attract owner/occupiers looking for a project to get their first foot on the property ladder."
Listed by Auction House Scotland, the property is set to be auctioned on October 10 at the Radisson Red in Glasgow.
A representative from Auction House Scotland said: "This is an excellent refurbishment project for an investor looking for a short-term holiday let.
“Being a 15-minute walk from Murrayfield Stadium, the property is bound to be popular with event attendees. This year, the Taylor Swift concerts made short term let providers a lot of money, and the popular Oasis concerts happening next year at the stadium will no doubt have a similar effect.
"The flat is also in an ideal location for the Edinburgh Napier University campuses, making it a fantastic flat for students. Once renovated, this flat is sure to create a generous income for the buyer."
1. Exterior
The one-bedroom flat is situated on Smithfield Street in Edinburgh. | Auction House Scotland / SWNS
3. In need of a makeover
The flat requires a makeover, with the rooms having been described as 'stripped back'. | Auction House Scotland / SWNS
4. Stripped back rooms
The flat requires a full makeover and is described as 'uninhabitable'. | Auction House Scotland / SWNS