Would anybody buy the house, no matter how well maintained it was, in the middle of that "neighborhood"?
shareBuy it cheap. Wait for more people to buy the rest and just let gentrification do it's thing. Soon, profit.
shareI guess I can see buying it, if you have the money burning a hole in your pocket, and then waiting for a big developer to come around buying everything else. Then you can cash out...
shareactually I remember about a decade ago hearing about how cheap the houses were in the area and thought "maybe I could do that", but I didn't want to repair a house. I worry about mold.
shareWho wouldn't want to be anywhere else?
shareIf it's a low income family wanting to purchase a house possibly, because it would go for very cheap.
To use as a rental?? Never!
You can buy a house in Detroit for around 60k and there’s hundreds of them on the market. The idea that he was going to sell that house was ludicrous enough
shareYou can buy a house in Detroit for around 60k and there’s hundreds of them on the market.On the HGTV rehab show, Bargain Block, the rehabbers buy derelict Detroit homes for $1k to $20k, and flip them for $80k to $150k. But they make make extensive improvements to the homes and do all the rehab themselves. share