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15 Houses you can buy in detroit for less than $500
Posted on 8/6/13 at 8:35 am
Posted on 8/6/13 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.
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 8/6/13 at 8:36 am
7
Posted on 8/6/13 at 8:37 am to TheIndulger
I'm guessing the tax appraisals are much much higher.
Posted on 8/6/13 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?
Posted on 8/6/13 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.
Posted on 8/6/13 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."
Posted on 8/6/13 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.
Posted on 8/6/13 at 9:25 am to TheIndulger
That article is from 2010....
Posted on 8/6/13 at 9:31 am to LSURussian
quote:
A realtor will tell you that house is a "fixer-upper."
A unique fixer-upper.
Posted on 8/6/13 at 10:23 am to Powerman
The fire damaged house must be like $5 by now in that case.
This post was edited on 8/6/13 at 10:24 am
Posted on 8/6/13 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.
Posted on 8/6/13 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?
Posted on 8/6/13 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.
Posted on 8/6/13 at 1:31 pm to Powerman
quote:It is but the housing market is still in the toilet there and sub $1k homes are still available.
That article is from 2010....
Posted on 8/6/13 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.
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.
Posted on 8/6/13 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.
Posted on 8/6/13 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.
Posted on 8/6/13 at 3:17 pm to ZereauxSum
quote:I have a hard time comparing the two cities/scenarios.
Look at NOLA...there are parts that are being rebuilt that a lot of people had written off.
quote: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?
It might be a decade from now but Detroit will be a functional city again.
Posted on 8/6/13 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.
Posted on 8/6/13 at 3:52 pm to TheIndulger
Im here in Detroit now.. But I aint leaving the airport.
May make some bad impulse buying decisions.
May make some bad impulse buying decisions.
Posted on 8/6/13 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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