Derelict:
1. Deserted by an owner or keeper; abandoned.
2. A homeless or jobless person; a vagrant.
Here a derelict has been transformed into a thing of beauty.

My Madonna -- By Robert W. Service

I haled me a woman from the street, Shameless, but, oh, so fair!
I bade her sit in the model's seat; And I painted her sitting there.
I hid all trace of her heart unclean; I painted a babe at her breast;
I painted her as she might have been; If the Worst had been the Best.

She laughed at my picture and went away. Then came, with a knowing nod,
A connoisseur, and I heard him say; 'Tis Mary, the Mother of God.'
So I painted a halo round her hair, And I sold her and took my fee,
And she hangs in the church of Saint Hillaire, Where you and all may see.