Derek Hough & Mark Ballas -- Our Junker is Now Fit for a Pimp

Move over Ty Pennington, the house Derek Hough and Mark Ballas bought has officially been souped-up -- and now the famous dancers are looking to cash out.

The "Dancing With the Stars" duo purchased the Studio City pad together earlier this year for $1.275 mil ... and now they're listing it for $1.895 million -- $620K more than they paid.

The flipping process caught the eye of HGTV, which will air a special in January featuring their home pirouette ... tentatively called "Mark & Derek's Excellent Flip."

We're told the "Dancing" stars completely tore up the inside ... and replaced all the windows and doors with fancy new ones -- same goes for the roof.

We're told Derek and Mark forked over at least $200K to rebuild it, with the help of real estate agent Andrew Gulyas ... and now each of the 'DWTS' stars stand to waltz away with some nice pocket change.

Not bad for 8 months work.