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Old 11-29-2011, 08:54 AM   #1
BUM1
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Default House Listing Price: $1.00 !!!! A Real Fixer Upper !!!!

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Detroit
Listing price: $1

Size: 3 bedrooms, 1 bath, 859 square feet

Year built: 1914

Price per square foot: About a tenth of a cent

Median sale price (Detroit-Warren-Livonia, Mich.): $66,500
If you're looking for a cheap house, Detroit has plenty from which to choose. This home has some fire damage, so it would need a lot of work inside, broker Ron LeCasse Jr. says. Although many inexpensive homes are for sale, LeCasse says it's unusual to see a home for $1 on the market, because those homes usually are donated to nonprofit organizations.

"There are lots of organizations that put people in homes these days in Detroit," he says. "They take on the cost to do all the work and then put someone in the house."

This house is a bank repossession owned by Fannie Mae and has a few costs beyond the $1 price tag, including an outstanding water bill of $891.03. All told, though, the home could be yours for $1,500 to $2,500, including closing costs, deed recording and title work.

LeCasse says homes in the immediate area are selling for $5,000 to $10,000, on average. The median home price in Wayne County was $40,000 in October, the Detroit Free Press reported.
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Old 11-29-2011, 10:28 AM   #2
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Hey, at least the house next door looks nice
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Old 11-29-2011, 10:35 AM   #3
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I know a guy that has purchased about 35 homes back there in the last 2 years. Purchase prices were all under $5k, and he puts 5k or less into the "remodel" gets them rentable, and has a property management company handle them.

He's cash flow positive on all properties, and he's just hanging on for 15 years and hoping the values will get to say $30k per house.

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Old 11-29-2011, 10:40 AM   #4
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its a corner lot

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Old 11-29-2011, 10:49 AM   #5
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Quote:
Originally Posted by utah997 View Post
I know a guy that has purchased about 35 homes back there in the last 2 years. Purchase prices were all under $5k, and he puts 5k or less into the "remodel" gets them rentable, and has a property management company handle them.

He's cash flow positive on all properties, and he's just hanging on for 15 years and hoping the values will get to say $30k per house.

I have a friend in a similar boat. Only he is doing his own management since most all of his 30 something homes are section 8. He has Utah kinda coin
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Old 11-29-2011, 11:07 AM   #6
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Wow, if you have $30k to put into it, you might be able to bring the value up to $10k, maybe $15k!

It is sad to see part of America in that type of condition. In 1915, that was some proud family's home.
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Old 11-29-2011, 11:12 AM   #7
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detriot shines again!
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Old 11-29-2011, 01:12 PM   #8
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Alot of time the city will just give you the house if it is in their possession if you sign a contract to live there for 5 or 10 years and fix certain problems to bring the house back to code.
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Old 11-29-2011, 01:45 PM   #9
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Buy up whole blocks. Then bulldoz
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Old 11-29-2011, 01:50 PM   #10
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Quote:
Originally Posted by markyerger View Post
its a corner lot

Plus, depending on the area, you could pick up several adjacent properties, get the land zoned commercial, if it isn't already, and sell them off in packages at a profit.
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Old 11-29-2011, 01:55 PM   #11
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Is that the house next door to dizwiz.
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Old 11-29-2011, 02:40 PM   #12
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That is a bargain, I bet the crack heads left at least $5 in copper behind the walls
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Old 11-29-2011, 03:00 PM   #13
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Nice price, but where will the buyer park his C4?
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Old 11-29-2011, 03:03 PM   #14
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Is that the house next door to dizwiz.
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Old 11-29-2011, 03:18 PM   #15
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Buy the block
Bulldoze it
Plant Walnut trees.
Return 15-20 years later.
Cut trees down and sell.

Good idea, it'll never work.
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Old 11-29-2011, 03:25 PM   #16
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crazy.
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Old 11-29-2011, 03:46 PM   #17
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When I worked for a Mortgage Servicing Company, they would list REO homes in Michigan for $1 as well. Many times the value of the land isnt worth tearing it down. Even in areas that arent in low value areas, sometimes a company will list the REO for under $1k, even $1 because trash removal or home removal isnt worthwhile.
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Old 11-29-2011, 03:58 PM   #18
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Is there enough lead in bullets in the house to make up for the $1?
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Old 11-29-2011, 04:16 PM   #19
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Quote:
Originally Posted by AU N EGL View Post
Buy up whole blocks. Then bulldoz
Quote:
Originally Posted by Jamesnns View Post
Buy the block
Bulldoze it
Plant Walnut trees.
Return 15-20 years later.
Cut trees down and sell.

Good idea, it'll never work.
I have often wondered why the city doesn't just bulldoze and re-purpose the land. Private companies will be doing that soon, and have already started. http://detnews.com/article/20111102/...nery-expansion
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Old 11-29-2011, 04:19 PM   #20
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My dad's good friend would buy homes like that in Chicago, fix them up and sell them. Issue is, when you fix em up, you need to guard them or stuff inside will disappear. These neighborhoods are a killer. Needless to say, my dad's friend has some interesting stories. He makes a great buck doing this, but its HIGHLY risky.
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Old 11-29-2011, 04:19 PM
 
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