The unusual listing photos have raised a few eyebrows ??? the giant blue blanket is hard to miss.

But McGrath real estate agent Josh Stirling said property hunters were undeterred by the eyesore at 39 Wordsworth Street.

"It's selling as is," Mr Stirling said. "And we've already got buyers keen to snap it up."

An outer layer of the house's double brick wall partially collapsed, Mr Stirling said, prompting a council order to brace the structure. The tarp was tied down over the roof for waterproofing purposes.

"Internally there's nothing wrong," he added.

A change in personal circumstances had meant the family selling the house wasn't able to fix the wall prior to putting it on the market.

"I don't think it will be an issue," Mr Stirling said. "I think it will sell well.

"The reality is it's a lovely home, and I think the people who buy it will most likely want to renovate anyway.

"It adds a bit of a cost to the renovation."

There is no heritage overlay on the property, but Mr Stirling believed most prospective buyers weren't looking to demolish.

The two-bedroom house has been marketed as a rare bayside gem packed with potential.

"What the property really has got going for it is its location," Mr Stirling said.

From the front door, it's just a few minutes' stroll to the beach, Acland Street and the St Kilda Botanic Gardens.

The house is scheduled to go under the hammer on October 14, with a price guide of $1 million to $1.1 million.

Damaged and incomplete properties are rare to hit the market but can fetch a premium price in blue-chip areas.

Last year, a Yarraville home without a kitchen sold for $1.16 million at auction.