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Old 12-15-2007, 10:36 PM   #1 (permalink)
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Default Cheap houses in Detriot
Detroit, MI, Real Estate Listings and Detroit, MI Single Family Home for Sale - Realtor.com

These are all between 10k and 40k.
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Old 12-16-2007, 03:25 AM   #3 (permalink)
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Might have something to do with this...
Quote:
In the city, the unemployment rate was 14.2% at the end of 2005, leaving Detroit with more than one-third of residents below the poverty line. This is in part attributed to white flight following court-ordered busing during the 1970s. Parts of the city have abandoned and burned out shells of buildings. Though the city has struggled with finances, since 2006 it has balanced its budget with more funding available to demolish blighted properties.
Detroit, Michigan - Wikipedia, the free encyclopedia
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Old 12-17-2007, 11:06 PM   #4 (permalink)
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Wow that's cheap.
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Old 12-18-2007, 02:53 AM   #5 (permalink)
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Dan:

How about some good news.

:-)
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Old 12-18-2007, 05:22 AM   #6 (permalink)
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Hey, cheap houses in Detroit isn't bad news exactly! They're good investments. Buy one, live in it, work from home, pay $100 / month while it goes way up in value.

You can't really go wrong as long as you can handle the neighbors.
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Old 12-18-2007, 12:52 PM   #7 (permalink)
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Old 12-18-2007, 03:25 PM   #8 (permalink)
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My guess is that it has something to do with this:

BANK OWNED BARGAIN! BEING SOLD AS-IS. BUYER TO ASSUME ANY & ALL MUNICIPAL REQUIREMENTS PERTAINING TO BUT NOT LIMITED TO CERTIFICATE OF OCCUPANCY. BUYER & BUYER'S AGENT TO VERIFY ALL INFO. EMD TO BE HELD BY LISTING BROKER, WITH FUNDS COLLECTED AT OFFER PRESENTATION, NO EXCEPTIONS.

Liens perhaps? Upgrading the water/sewer connections? I once looked at a "bargain" piece of real estate. I went to the town building inspector to ask his opinion of the property and he said he wouldn't issue an occupancy permit unless I "improved" the road. The whole road. From dirt to pavement. Estimate of at least 80 thousand. Needless to say, it wasn't the bargain I had thought.
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Old 12-18-2007, 10:20 PM   #9 (permalink)
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Originally Posted by Dan.Linehan View Post


Hey, cheap houses in Detroit isn't bad news exactly! They're good investments. Buy one, live in it, work from home, pay $100 / month while it goes way up in value.

You can't really go wrong as long as you can handle the neighbors.
I am not at all confident in the increase in value in this market, at least not in a time frame I would be willing to consider.

I lived next door to Detroit in Ann Arbor twenty years ago and the value of real estate in Detroit made it unattractive then. Some of the suburbs are decent but the city itself does not sound good to me.
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