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Old 11-12-2011, 01:52 AM
 
Location: Due North of Potemkin City Limits
1,237 posts, read 828,301 times
Reputation: 1096
Default Buy a house for next to nothing?

Can you still buy a house in Detroit for next to nothing, or is that over with? I was actually in Detroit for a couple of days last spring, and to tell you the truth....it wasn't as rough as I expected. There are some beautiful homes there. I also ate some burgers at a little burger stand (can't remember the name of it but it's a local favorite). They were the best cheeseburgers I've ever eaten in my life.
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Old 11-12-2011, 02:59 AM
 
Location: Michigan
3,071 posts, read 2,572,667 times
Reputation: 2189
Heh, can't think of when Detroit won't have cheap homes. But yes, homes are still largely cheap. The median list price for a home in Detroit is currently $12K with the median sales price at $22K. It mostly just depends on which neighborhood you want to buy in since some are more prone to property crime than others.
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Old 11-12-2011, 07:48 AM
 
6,940 posts, read 4,749,446 times
Reputation: 4995
Sure, but you're going to put twice to triple to quadruple the cost you paid for it in repairing the home.

And lets not even discuss property taxes...
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Old 11-12-2011, 08:38 AM
 
Location: Mid-Town
7,556 posts, read 10,032,239 times
Reputation: 5198
Quote:
Originally Posted by 313Weather View Post
Sure, but you're going to put twice to triple to quadruple the cost you paid for it in repairing the home.

And lets not even discuss property taxes...

I love discussing the tax rate in Detroit...$45 per $1000 SEV. Even if you pay $10K for a house it is still valued at whatever the prvious assessment is and you can bet it will NOT be changed.

So that $12K house has $2000 or more in taxes (plus any back taxes associated with the property) before you start to spend $15K or more to make it liveable.

Want to talk about resale?
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Old 11-12-2011, 09:13 AM
 
6,940 posts, read 4,749,446 times
Reputation: 4995
Quote:
Originally Posted by zthatzmanz28 View Post
Want to talk about resale?
Hehe, we haven't even discussed renting out the property.

If you can become a successful (residential) landlord in Detroit these days then you can overcome anything.
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Old 11-12-2011, 10:09 AM
 
Location: Michigan
3,071 posts, read 2,572,667 times
Reputation: 2189
Ugh, do we really need two threads on this?
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Old 11-12-2011, 02:52 PM
 
Location: Mid-Town
7,556 posts, read 10,032,239 times
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Quote:
Originally Posted by animatedmartian View Post
Ugh, do we really need two threads on this?

Sealtite thinks so...seems to be serious about making a capitalistic venture into the economic abyss of the city and just wants more info before making the leap of faith...

Make a trip into the city and pick a nice spot and to invest.
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Old 11-12-2011, 03:27 PM
 
6,940 posts, read 4,749,446 times
Reputation: 4995
Quote:
Originally Posted by zthatzmanz28 View Post
Sealtite thinks so...seems to be serious about making a capitalistic venture into the economic abyss of the city and just wants more info before making the leap of faith...

Make a trip into the city and pick a nice spot and to invest.
Nothing's wrong with this thread IMO.

It's no worse or better than the multiple threads asking about Detroit's best food or schools or restaurants or banks.
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Old 11-15-2011, 09:28 PM
 
Location: Ferndale Michigan
30 posts, read 35,759 times
Reputation: 17
Quote:
Originally Posted by zthatzmanz28 View Post
So that $12K house has $2000 or more in taxes (plus any back taxes associated with the property) before you start to spend $15K or more to make it liveable.
Thats probably the biggest factor here, the amount of back taxes has to be outrageous on these houses. And I'm sure they don't let you know about it until after you buy the ol' shack.
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Old 11-16-2011, 04:32 AM
 
Location: Dearborn
179 posts, read 56,576 times
Reputation: 129
The beautiful homes you're probably talking about, if in city limits, probably run in the low 100's, which is a huge bargain for a historic house with 3000 sqft. If you're single, upwardly mobile, and don't plan on having a family soon it could be a good investment. But, in general, buying property in the city isn't worth the hassles associated with it, hence the incredibly cheap homes.
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