Liverpool Council offered the chance to buy 20 vacant houses for the small sum if the new owners pledged to refurbish them and stay for at least five years.
The property, on Cairns Street, Granby, was handed over to Jayalal Madde by Liverpool Mayor Joe Anderson.
More than 1,000 people applied for the scheme and 10 applicants have so far been successful.
Married father-of-two Mr Madde, 48, said he had raised money through a credit union to carry out refurbishments.
View: Read more