7 Bedroom 4200 square feet house: only $89,900 Deal or No Deal?
 

Granted it's in Detroit but still that is a beautiful house. I'd buy it in a second if I were were in the area.

Built in 1927. Needs an easy 300-500 grand in updates.

Looks like a good house - if you want to live in Detroit. Now is the time to buy... Houses are dirt cheap.

see under :D

:error:error

How is the area?

Link is gone...

still works here

$21/sf...damn!

Good deal but house was built in 1927. Hopefully there's not too much you need to fix...

85 year old house=money pit.

Google street view shows the area to be very nice - I know most neighborhoods in Detroit are abandoned ghettos but this one seems to still be well cared for.

wow, have you checked the pics? the interiors looks more like castle than a house. what a price, where is the buy now by credit card button?

I would hop on that.

It looks pretty well kept from the photos. I bet it is a bitch to heat but other then that. PAAARRRTTTAAAYY!

Would go for a million here

is there really 18,000 houses in that street or are they numbered in a strange way?

Even with old steam heat and NO central air? This is an 85 year old house that will need 300-500 grand in repairs.

holy shits. The CBC this morning said that to qualify as a "luxury" property in Vancouver, the list price needs to be $2mil or above. If that house was in Vancouver, it would be well, well above that price.

Ehhh small lot though on 0.16 acres

It's the gay section of North Detroit.

That would make it a wise investment then.

The gays go into the ghetto, buy cheap, fix it up and then flip the neighborhood to yuppies at a huge premium.

That's what I think is happening in this neighborhood too. If not mistaken Eminem built a studio nearby and wanted to invest in the area.

Looks Ok
 

Looked at Google maps, it's by a nice golf club. The satellite photos show the surrounding area to be the same well kept houses. Does look like their has been some remodeling in the past. really needed pics of the furnace & water heater.

If you read the specs, it' s foreclosure. Either that was owed on it or the bank just wants to take a loss and get it off the inventory. Fact that the people who lost the house didn't destroy the interior, says a lot about it. Should only need plumbing, electrical upgrades. Hard to tell about the roof, but in those days, big houses used slate. Wears forever.

Biggest issue is foreclosures are usually "as-is," cash only sales.

Did it use to be a brothel?

Look at the wall of mirrors in one of the rooms.

Big house, however it looks like it is pretty tired and rundown.

cant believe how cheap is real estate in USA... Really cant believe it.

I remember some webmasters buying their homes back in 2005-2006 for at least 700K or 800K... those houses are now 200K.. CRAZY..

SOLD. :pimp

You guys are all nuts lol.

300-500k in repairs?

Lol you just stupid son..

I thought that room was a dance studio. I can totally imagine a baby grand piano in the sunny corner.

Some updating , some foundation leveling and waterproofing, electricity , plumbing, roofing ( got a quote from 12clicks), cosmetics... maybe 100 K , still a good deal...
But I am sure there is something else attached to that price ... like back taxes ....

:1orglaugh:1orglaugh:1orglaugh:1orglaugh
no where near 300.

Ahh yes, I can see that now - good thinking!

We get it. You are interested and want to scare off competition. :)

You could knock it down and build a palace for that budget by the way, assuming you can build it before somebody steals your materials.

its detoit nuff said..

How long is a piece of string? How much does it cost to renovate? For most just moving in with a few grand on their Lowe's card seems acceptable.

Central air conditioning. I can't live without it. The house has 2 ceiling fans for it's cooling system. The walls and ceiling are in place, where do the ducts go without installing them warehouse style? Or is exposed duct work acceptable to you?

Obviously the steam heating system needs work or a huge wood stove wouldn't be in the beautiful living room. Do you even want steam?

The kitchen? LOL at it.

The foundation/basement .... don't even want to guess.

The roof? 85 years old wood under the slate? What kind of shape is it in? Somewhere it's fucked up.

1927 brick exterior ..... has it been maintained?

Window framing areas? What about the 85 year old windows and frames themselves?

Electricity? Old wiring? Replace it all, period.

Plumbing? If it's cast iron every inch needs replaced so it won't fail after you have remolded the rest of the house.

This list goes on. We haven't touched refinishing hardwood floors, Plaster work, etc.

For those that looked at the kitchen and thought .. "just need a refrigerator" yea I'm an idiot.

Nice jab at Ron :1orglaugh:1orglaugh:1orglaugh

I can only imagine the great school district :helpme

I see a 100 in the kitchen alone .......

Look at the rot around the window photo .....

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I agree with L Pink on this one. Old houses (especially over 50 years) are a pain in the ass, I've lived in several. You need to be repairing shit constantly and humidity can be a bitch. Those big old houses take time to inspect and learn where everything is, and it will take you time before you understand all the shit the previous owner or owners have done to the place.

Your kid might have to come out STRAPPED

http://i.imgur.com/gqi82.jpg

Well I do know that Detroit has the 2nd largest population of Albanians in the US, and The Bronx has the largest amount. They migrated to worst areas and bought buildings cheap and they are not afraid of any gangbanging brothers.

LOL
I take it you are just pulling numbers out of your ass?

I've lived in two 100 plus year old Bluegrass Historic Preservation homes in Lexington Ky. Granted they were restored to certain specifications but the fundamentals are the same with any 100 year old house. Every squire inch needs something done to it.

Sure you can just move in and wing it. A 100 year old home needs it's core rebuilt. If the foundation is acceptable the house still needs it's electric/plumbing replaced and central air duct work installed behind walls that are plaster and floors that are real wood. And already in place.

Yea, you can make it "sound" for a lot less.I was thinking in terms of restoring not repairing. Kind of a dumb argument anyway when you see the bars on the windows. If those are necessary not the right place to live anyway.

But to answer your question, yea I've never restored a 100 year old home, never spent 100 on a kitchen and am pulling numbers out of my ass.

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A few models from my websites live on that block :1orglaugh

http://foulfowlentertainment.com

That's only 800 sq. feet smaller than my house. And I paid $720,000 for mine.

Don't know if I'd want to live in Detroit...but that's a lot of house for the money.

Surprised no builder/developer hasn't snatched it up.

The bank just want to get the debt cleared, which could only be $80,000.

Clueless as always.

The bank sets the price at what they are told is fair market by agents who do BPO's as well as the REO agent and then adjust down until they are able to unload it.

The bad note on that house could have been $4,000 or $4,000,000 and it will not affect the price.