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Detroit’s $1,000 houses may be a lousy deal

Detroit homes
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This came up in a HousingWire conversation recently – have an extra $1,000 in your PayPal account? You can own a home in Detroit. At a sell price that’s almost literally $1 per square foot, it still may be a raw deal.  

For Sale: A spacious 1,600-square-foot, three-bedroom Tudor-style home built in 1929, with one-and-a-half baths, glass block windows, hardwood floors, crown molding and custom fireplaces. Within walking distance of restaurants, playgrounds and public schools.

And it’s being offered next month for as little as $1,000.

Just one catch. The single-family house on 5500 Kensington Ave. has a zip code that makes listing agents wake up in cold sweats: 48224.

For the uninitiated, that’s the center of Wayne County, Michigan. Otherwise known as Detroit.

 

Source: MarketWatch
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