$1000 for this house in Detroit….nice investment depending on buyers markets once it’s fixed up
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How did he buy it for that much? Where? Online auction? He didn’t show the insides.
Did they get the trappers out of there?
Nice find
Nice find
Detroit Land Bank has all the inventory on their site.
Nice find if they got the money to update everything in there. Wood, wiring, plumbing all dat
This is one of those double edge swords.
On one hand, you are getting the land, foundation, basic floor plan, water and sewer access for next to nothing. If you have time, and you have to have the time, you can get in and do as much as the cosmetics yourself, including drywall.
On the other hand, you can almost bet that most of the plumbing is gone. If you replace all of it with PEX and the walls are already down or you open it yourself, you can replum the whole house for $7500 - $10,000. More than likely the electrical will need to be updated or replaced, that roughly $5K. New roof is $12K average in Detroit. You also need to factor in new windows.
It looks like fire damage upstairs. Some may disagree, but you could do the refraiming, drywall, and floors. When that's is done, the inside will look like a new house.
The outside siding looks decent, but you would need a Mason to fix some of the brick, which he won't be able match exactly.
If you were very frugal and kept to a strict budget, you could rehab the home and basic landscaping for that neighborhood, (meaning nothing high end) for about $50K. You could sell a fully rehabbed hood home for $75K - $100K.
Realtors, Flippers and contractors, do see something I'm missing?
Oh, the other thing, forget about trying to get a mortgage or 203K. Lol!! There are other options though.
On one hand, you are getting the land, foundation, basic floor plan, water and sewer access for next to nothing. If you have time, and you have to have the time, you can get in and do as much as the cosmetics yourself, including drywall.
On the other hand, you can almost bet that most of the plumbing is gone. If you replace all of it with PEX and the walls are already down or you open it yourself, you can replum the whole house for $7500 - $10,000. More than likely the electrical will need to be updated or replaced, that roughly $5K. New roof is $12K average in Detroit. You also need to factor in new windows.
It looks like fire damage upstairs. Some may disagree, but you could do the refraiming, drywall, and floors. When that's is done, the inside will look like a new house.
The outside siding looks decent, but you would need a Mason to fix some of the brick, which he won't be able match exactly.
If you were very frugal and kept to a strict budget, you could rehab the home and basic landscaping for that neighborhood, (meaning nothing high end) for about $50K. You could sell a fully rehabbed hood home for $75K - $100K.
Realtors, Flippers and contractors, do see something I'm missing?
Oh, the other thing, forget about trying to get a mortgage or 203K. Lol!! There are other options though.
You are short $150k
Well damn. I'd rather take the $1000 and play the BSC shitcoin lotto. I wonder for experienced real estate cats if this is their equivalent of a shitcoin.
