15 Houses you can buy in detroit for less than $500
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15 Houses you can buy in detroit for less than $500
Posted by TheIndulger on 8/6 at 8:35 am
LINK

Anyone looking to buy some cheap property and help rebuild Detroit? I'm not sure how they know these are less than $500 (listings only show market value) but this is interesting nonetheless. I wonder if you have to tear down or repair after you buy, or if you can just sit on the land.



This post was edited on 8/6 at 8:36 am

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Posted by C on 8/6 at 8:37 am to TheIndulger
I'm guessing the tax appraisals are much much higher.


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Posted by C on 8/6 at 8:52 am to TheIndulger

quote:

The house has complete fire damage, but is a great investment for someone who can turn it around.



haha how do you turn around a house with complete fire damage?



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Posted by ThaBigFella on 8/6 at 9:03 am to C
the problem is they have a shrinking population, you won't be able to rent them out and you will owe property taxes. There is a reason that's the price.


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Posted by LSURussian on 8/6 at 9:06 am to C
quote:

The house has complete fire damage, but is a great investment for someone who can turn it around.




haha how do you turn around a house with complete fire damage?


A realtor will tell you that house is a "fixer-upper."



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Posted by C on 8/6 at 9:16 am to ThaBigFella
quote:

you will owe property taxes


Yeah but I'd pay property taxes if it was based on what I actually paid for the house. My guess is that the houses are actually tax appraised at +$50k.



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Posted by Powerman on 8/6 at 9:25 am to TheIndulger
That article is from 2010....


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Posted by kywildcatfanone on 8/6 at 9:31 am to LSURussian
quote:

A realtor will tell you that house is a "fixer-upper."


A unique fixer-upper.



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Posted by TheIndulger on 8/6 at 10:23 am to Powerman
The fire damaged house must be like $5 by now in that case.

This post was edited on 8/6 at 10:24 am

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Posted by Dark Tiger on 8/6 at 11:30 am to LSURussian
quote:

A realtor will tell you that house is a "fixer-upper."


With that lovely smell only a wood burning fireplace can give off...a smell that says "welcome home" after a hard day at work.



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Posted by BigBoyTiger on 8/6 at 11:33 am to TheIndulger
I'd buy the properties just for the land, honestly. The land has to be worth something, doesn't it?




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Posted by Tiger4Ever on 8/6 at 1:11 pm to BigBoyTiger
quote:

I'd buy the properties just for the land, honestly. The land has to be worth something, doesn't it?


If the land was worth more than the houses...they'd have been bulldozed a long time ago.



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Posted by LSUAfro on 8/6 at 1:31 pm to Powerman
quote:

That article is from 2010....
It is but the housing market is still in the toilet there and sub $1k homes are still available.



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Posted by udtiger on 8/6 at 2:02 pm to LSUAfro
Go to realtor.com or zillow.com and search Detroit houses for under $1000 and you will be amazed.

If you have some time on your hands, search Grosse Pointe, MI as well. Nothing for under $1K, but you can find some amazing houses for under $300K.



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Posted by TDsngumbo on 8/6 at 2:26 pm to TheIndulger
This situation in Detroit is going to make many millionaires in the future. That's all I'm going to say.


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Posted by ZereauxSum on 8/6 at 3:07 pm to TDsngumbo
quote:

This situation in Detroit is going to make many millionaires in the future.


That's my takeaway from this.

Look at NOLA...there are parts that are being rebuilt that a lot of people had written off.

It might be a decade from now but Detroit will be a functional city again.



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Posted by LSUAfro on 8/6 at 3:17 pm to ZereauxSum
quote:

Look at NOLA...there are parts that are being rebuilt that a lot of people had written off.
I have a hard time comparing the two cities/scenarios.
quote:

It might be a decade from now but Detroit will be a functional city again.
I really wouldn't want to put my money in that city right now. I'm really just having a hard time selling myself on this. It just seems soooo far away from a turnaround. Is that really where I want to park money?



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Posted by ZereauxSum on 8/6 at 3:47 pm to LSUAfro
quote:

I have a hard time comparing the two cities/scenarios.


Definitely different scenarios, but I think they are similar in the sense that both became undesirable places to live in a relatively short period of time.

quote:

Is that really where I want to park money?


Well, I wouldn't want to personally

But someone will. Like NOLA, there are a lot of people that love Detroit. I can't imagine it will ever be what it was, but it won't be a train wreck forever.



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Posted by lilsnappa on 8/6 at 3:52 pm to TheIndulger
Im here in Detroit now.. But I aint leaving the airport.

May make some bad impulse buying decisions.



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Posted by TheIndulger on 8/6 at 4:03 pm to ZereauxSum
Could you imagine buying some run down Detroit house for $1000 over the internet, then being too scared to even go see it? Some of those house probably have squatters living in them.




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