TLC means "tender, loving care." A home that needs TLC will require additional work.
A home that requires TLC may or may not be a good investment. You can purchase the home at a bargain price, but you may wind up spending a great deal of money fixing the problems it has.
Have any house you are considering inspected by a professional. A professional home inspector can give you information regarding the repairs a house will need.
There can be true potential for houses that need TLC. Sometimes construction is started on a house, but not finished. This type of home would need TLC, but a buyer is essentially getting a newly constructed home.
Another phrase that is similar to TLC is "Handyman Special." The two phrases convey the same message. You will need to spend additional time and money on the home.