turnkey property

Definition

A property allegedly so perfect you could move in immediately with nothing but your keys and belongings. Spoiler: there's always something.

Example Usage

The investor bought three turnkey properties sight unseen, confident that someone else's definition of 'perfect condition' would match reality.

Origin

Borrowed from business terminology where 'turnkey operation' meant ready to operate immediately

Fun Fact

The term became especially popular with out-of-state investors during the 2010s, spawning an entire industry of 'turnkey rental providers' with mixed reputations.

Source: Real estate investment terminology

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