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A nice house for <$10K? 1313 Responses

Last post: 2 years, 7 months ago | Thread started: Mar 23, 12, 11:49 p.m.

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  • newuser

    Is it really possible to buy a house for dirt cheap in cities like Detroit or maybe New Orleans?

    Are these only houses in bad neighborhoods?

    What are some other undervalued areas?

    New York and LA and SF are crazy. Philly and Portland are cheaper.

    Mar 23, 12, 11:49 p.m. – Permalink
  • zoozoo

    yep.

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    Dog-earMar 23, 12, 11:50 p.m. – Permalink
  • akrok

    Youngstown, Ohio. Median price: $55,400
    Lansing, Mich. Median price: $64,400
    Toledo, Ohio. Median price: $64,900
    South Bend, Ind. Median price: $68,700
    Akron, Ohio. Median price: $74,900
    Ocala Fla. Median price: $75,400
    Dayton, Ohio. Median price: $78,000
    Cumberland, Md. Median price: $80,700
    Grand Rapids, Mich. Median price: $81,100
    Decatur, Ill. Median price: $81,300

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    Dog-earMar 24, 12, 1:25 a.m. – Permalink
  • monNom

    note that some houses are priced really low because they have a ton of back taxes owing on them.

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    Dog-earMar 24, 12, 1:43 a.m. – Permalink
  • albums

    I can attest to the deals in Michigan. A buddy just got back from there yesterday, I forget the town, but it's small, about 2 hours from the Ann Arbor/Detroit area. He got 5 acres, 1,600ish sqft livable, an unfinished basement beneath the entire house, a 3 bay garage with 2 bays being 2 deep, totaling a 5 car garage with still more shop/storage space as well as a 14x40 drive through rv parking building all for less than 80K.

    Aside from replacing outdated wood paneling on some walls, the house was pretty modern with tile & wood floors in most all the rooms, arched ceilings, open floor plan. It even has a little bar w/ old style swinging doors set back & built into the living room wall and a study/library room accessible from 2 of the 4 upstairs bedrooms & the hallway. Another slick feature is the garage is set about 15-20ft from the house but there is a fully covered & finished walkway that connects the two buildings for unobstructed access.

    • Sounds like your friend got a good deal. The acreage alone is worth it.d_rek1/2
      he feels the same, can't wait to move.albums2/2
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    Dog-earMar 24, 12, 7:33 a.m. – Permalink
  • d_rek

    I live in Michigan and bought a house back in July 2011 in a fairly rural area that is about 45 minutes outside of Downtown Detroit.

    For under $70k I got a bungelow-style 1550 sqft house that was built in 2006, tucked away in a nice sleepy subdivision. It has an unfinished basement that runs the length/width of the house. 1st floor is master bedroom with a master bath, kitchen, laundry, guest bath and living/dining room combo area. 2nd floor is 2nd and 3rd bedroom and another full bathroom. I don't have a garage but I do have a modest sized shed on the lot. The yard is also modest... but with a 6-month old the less yardwork right now the better.

    The value of the home dropped about 10% since I bought it (sigh, i know). But there are some *amazing* deals in MI right now. I expect in 5 years or so to be able to sell it for at least what I paid.

    If you must live in the City of Detroit there are some mind-blowing home prices, like $5-10k for a lot of square footage... but... just keep in mind taxes are way high because of corrupt-ass city government and massive population loss. Also, it's real hit-or-miss... and you'll probably be putting more money to bring any of those homes upto code than they cost to purchase.

    I personally wouldn't live in Detroit... but one of the surrounding burbs like Royal Oak, Clawson, Troy, Sterling Heights, etc are all like 20-30 minutes from the downtown area and are all generally pretty nice places.

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    Dog-earMar 24, 12, 8:11 a.m. – Permalink
  • Daithi

    I know this is somewhat off topic, but I thought it might be of interest – an Irish architect who built his own place for €25,000.

    http://www.guardian.co.uk/lifean…

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    Dog-earMar 24, 12, 8:25 a.m. – Permalink
  • fourth

    $10,000?

    probably not but you can live comfortably out of a chevy express van for that much

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    Dog-earMar 24, 12, 9:25 a.m. – Permalink
  • utopian

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    Dog-earMar 24, 12, 9:48 a.m. – Permalink
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    Dog-earMar 24, 12, 5:11 p.m. – Permalink
  • stepson

    detroit's sick... i have a friend who just bought a beautiful 8 bedroom victorian style manor for around 5k.. it's a stunning house but a little dilapidated.. you have to be ok with getting mugged / carjacked once in a while though.

    alternatively, there are tons of abandoned houses there.. if you can bring it up to code AND prove that you've lived in it for a year it's yours.. pretty sweet

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    Dog-earMar 24, 12, 5:24 p.m. – Permalink
  • _niko

    $8500 for this:

    http://guestofaguest.com/wp-content/uploads/2009/11/detroit-house.jpg

    but here it is on the inside, crackheads would never think to rob it lol

    http://www.e-bbrewerylofts.com/wp-content/uploads/2011/02/lofts-detroit-real-estate-upscale.jpg

    • It's stable????CanHasQBN1/5
      brilliant!akrok2/5
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      comes with 1 free poltergeistmoldero4/5
      crackheads wouldnt think to rob this place, but from the outside would think, "thats the perfect crack house"moldero5/5
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    Dog-earMar 24, 12, 7:06 p.m. – Permalink
  • showpony

    baltimore is super cheap... 30k for a brownstone in some ghetto places.

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    Dog-earMar 25, 12, 6:37 a.m. – Permalink
  • jagara

    They (who are they?) say that if you spread the rumour that a house is haunted, then no one is interested. That's when you swoop in, and buy for a fraction of the price. Then you can get a house in a shitty neighborhood for like, 2000 $. Wait, it's true...

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    Dog-earMar 27, 12, 4:18 p.m. – Permalink

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