Detroit Homes Starting at $1,000 Each, But You Have to Spend Lots More to Rehab in Under 6 Months

Detroit Homes for Sale at $1,000 Each, But You Have to Spend Lots More to Rehab in Under 6 MonthsA website is selling Detroit single-family homes for a minimum bid of $1,000 each. Yes, that’s right: $1,000 each.
The city of Detroit has launched an auction website in an attempt to unload some of the area’s thousands of abandoned homes.
“Please note that the rehab cost will often cost more than the winning bid price,” the site says at the very top. “Failure to bring a property up to code within 6 months will result in forfeiture of property.”
This means simply that the homes purchased on BuildingDetroit.org must be renovated and occupied within 6 months, or buyers lose their money.
The homes may only be purchased by Michigan residents.
The first home to be auctioned will be a 1,400-square-foot three bedroom colonial. It requires both a new furnace and water heater.
Other homes starting at $1,000 require more extensive repairs and renovations. The next one to be  auctioned needs a furnace and water heater, as well as a new roof and gutters.
Most of the homes that will be auctioned are in the same area of Detroit. The city hopes to revitalize there and move on to other spots.

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