If you’re interested in investing in real estate and up for a challenge, buying a home in Detroit might be the perfect opportunity for you. Some homes in Detroit are currently priced as low as $1000, with the condition that you must make them livable within 6 months.
To address the housing crisis in Detroit, the Detroit Land Bank Authority was established in 2008. Their goal is to revitalize the city by rehabilitating vacant and dilapidated properties. As part of their initiative, they are auctioning off thousands of publicly owned properties, starting at a mere $1000. The hope is that by offering these properties at such low prices, residents will be incentivized to invest in their communities and help rejuvenate them.
While the median home price in Detroit is $163,100 as of June 2019, the homes being auctioned are in need of significant repairs and upgrades. Despite their current condition, these properties present a unique opportunity for those willing to put in the work. Detailed property condition reports are available for these auctioned homes, and free tours can be arranged for prospective buyers. Keep in mind that purchasing one of these homes will require a considerable investment in renovations.
