15 Houses you can buy in detroit for less than $500 | TigerDroppings.com
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TheIndulger
LSU Fan
Member since Sep 2011
12591 posts

15 Houses you can buy in detroit for less than $500

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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



C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22717 posts

re: 15 Houses you can buy in detroit for less than $500
I'm guessing the tax appraisals are much much higher.


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22717 posts

re: 15 Houses you can buy in detroit for less than $500

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?


ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: 15 Houses you can buy in detroit for less than $500
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.


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: 15 Houses you can buy in detroit for less than $500
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."


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22717 posts

re: 15 Houses you can buy in detroit for less than $500
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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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
121047 posts

re: 15 Houses you can buy in detroit for less than $500
That article is from 2010....


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
22499 posts

re: 15 Houses you can buy in detroit for less than $500
quote:

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


A unique fixer-upper.


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TheIndulger
LSU Fan
Member since Sep 2011
12591 posts

re: 15 Houses you can buy in detroit for less than $500
The fire damaged house must be like $5 by now in that case.
This post was edited on 8/6 at 10:24 am


Dark Tiger
LSU Fan
Member since Sep 2006
4494 posts

re: 15 Houses you can buy in detroit for less than $500
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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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8783 posts

re: 15 Houses you can buy in detroit for less than $500
I'd buy the properties just for the land, honestly. The land has to be worth something, doesn't it?



Tiger4Ever
UTEP Fan
Member since Aug 2003
35935 posts

re: 15 Houses you can buy in detroit for less than $500
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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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11028 posts

re: 15 Houses you can buy in detroit for less than $500
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.


udtiger
LSU Fan
Louisiana
Member since Nov 2006
28509 posts

re: 15 Houses you can buy in detroit for less than $500
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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TDsngumbo
LSU Fan
Member since Oct 2011
6349 posts

re: 15 Houses you can buy in detroit for less than $500
This situation in Detroit is going to make many millionaires in the future. That's all I'm going to say.


ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
10176 posts

re: 15 Houses you can buy in detroit for less than $500
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.


LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11028 posts

re: 15 Houses you can buy in detroit for less than $500
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?


ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
10176 posts

re: 15 Houses you can buy in detroit for less than $500
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.


lilsnappa
Shreeeseport
Member since Mar 2006
755 posts

re: 15 Houses you can buy in detroit for less than $500
Im here in Detroit now.. But I aint leaving the airport.

May make some bad impulse buying decisions.


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TheIndulger
LSU Fan
Member since Sep 2011
12591 posts

re: 15 Houses you can buy in detroit for less than $500
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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