Hœfr

As defined by A Concise Dictionary of Old Icelandic (Geir Zoëga):

hœfr Old Icelandic word can mean:

hœfr

a. fit, proper;

hœfr

engu ~, good for nothing, useless, worthless.

Possible runic inscription in Younger Futhark:ᚼᚢᚠᚱ