Would you buy a $1,000 house? (foreclosures, price, property, rental)

[tpk-nyc]

From CNN:

The real estate market is so awful that buyers are now scooping up homes for as little as $1,000.

There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them.

(Radical cheap: $1,000 homes - Jan. 8, 2009)

[thatguy1]

I would say most likely not, but in certain cases maybe.

Any circumstances which cause a home to sell for next to nothing are probably nothing more than a burdon on you, if you are a purchaser. (Taxes, property upkeep, trying to sell/rent) In those markets that house is most likely going to be a burdon on you for the next 5 years I would guess.

There is a reaosn it's a thousand dollar home.

[Toxic Toast]

22 in Indianapolis? If I knew where they were I would consider making a purchase like that.

[bobsmith]

I would if I was sure that I could park out front without my car being broken into or avoid getting shot walking around.

[tamitrail]

Anything in my area for that price would be crap.

[truthseeker2012]

Originally Posted by tpk-nyc

From CNN:

The real estate market is so awful that buyers are now scooping up homes for as little as $1,000.

There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them.

(Radical cheap: $1,000 homes - Jan. 8, 2009)

No JOB'S thats why. Look around Detroit you will find ton's of 3 and 4 bedroom home for under $10,000

[recuerdeme]

Hmmm yes.

[SuSuSushi]

My answer: It depends on too many factors to give a straight yes or no answer. Locality, amount of damage to the house, job availability, rental market, et cetera.

[SXN]

$1,000 ... but I'm pretty sure you still have to factor in any liens, taxes etc. The hassle doesn't make it worth it.