  Goggo Member Username: Goggo Post Number: 189 Registered: 11-2003 |
http://www.waynecounty.com/wca uctions/Auction/ If I was a young person looking for a money-pit project, I'd certainly look at this. Click on the 1520 W. Boston listing. | ||
Urbanoutdoors Member Username: Urbanoutdoors Post Number: 686 Registered: 11-2005 |
yeah but that house needs a ton of work! Beautiful place though shame how it has gotten that neglected. (Message edited by urbanoutdoors on January 07, 2008) | ||
Izzadore Member Username: Izzadore Post Number: 95 Registered: 11-2006 |
WOW! Those taxes are a killer! Does the owner of this house get his/her own wing in City Hall? | ||
Jt1 Member Username: Jt1 Post Number: 11139 Registered: 10-2003 |
Izzadore - Those are the back taxes owed as part of the auction, not necessarily the taxes on the property. The WC auction price consists of two parts: Auction price and outstanding taxes/water bills owed. | ||
El_jimbo Member Username: El_jimbo Post Number: 480 Registered: 12-2006 |
So, say the current bid stands. With the back taxes included the house would cost about $21,000. You put $100,000 or $150,000 worth of renovations into it and you will STILL turn a sizable profit on that house. | ||
Crew Member Username: Crew Post Number: 1392 Registered: 02-2004 |
The condition doesn't look that bad to me. I'm sure all of the mechanical systems need to be replaced but the ceilings on the 2nd floor seem to be free of water damage which is a good sign. | ||
Urbanoutdoors Member Username: Urbanoutdoors Post Number: 687 Registered: 11-2005 |
that is if you can sell it which is a big ? at this point. | ||
Crew Member Username: Crew Post Number: 1393 Registered: 02-2004 |
You'd need to purchase it as your own residence and be in it for the long term. There's little upside potential for flipping houses in this market. | ||
El_jimbo Member Username: El_jimbo Post Number: 482 Registered: 12-2006 |
Crew, Still at this point, if you are young and can afford to sit on it for a few years why not? Eventually the market will come back and you will have made a killing. | ||
Gazhekwe Member Username: Gazhekwe Post Number: 1245 Registered: 08-2007 |
It looks like the pipes burst in a second floor bathroom. Look at all that damage in the front room and entry way. Lots of work to even get an occupancy permit. | ||
Lefty2 Member Username: Lefty2 Post Number: 864 Registered: 07-2007 |
Make a killing? This house needs total rehab at least 100K unless you do the work yourself. taxes about 4K a year now. A lot of work and a lot of risk. Would be one helluva house if done right. | ||
Hybridy Member Username: Hybridy Post Number: 191 Registered: 08-2006 |
i would buy it today if it weren't on the west side of the lodge | ||
Masterblaster Member Username: Masterblaster Post Number: 109 Registered: 03-2005 |
Hybridy, what's wrong with it being on the west side of the lodge? Is it too far from downtown?? | ||
Hybridy Member Username: Hybridy Post Number: 192 Registered: 08-2006 |
i would get better resale with close proximity to woodward-if i sold of course i would bet home prices, in be, are also higher on the est side of the lodge | ||
Neilr Member Username: Neilr Post Number: 627 Registered: 06-2005 |
To me, this house is located on one of the nicest, most well-kept blocks on Boston Blvd. It is not a through street so it has limited traffic. While the houses between Woodward and the Lodge are significantly grander, those west of the Lodge are much more manageable. | ||
Fnemecek Member Username: Fnemecek Post Number: 2684 Registered: 12-2004 |
quote: You can offset at least a portion of that with the historic preservation tax credit, since the entire Boston-Edison neighborhood is on the National Register of Historic Places and is a designated historic district. There's also the fact that in a few year when you go to sell, you're gain is tax free since you're selling your primary residence. Your total cost for the project would be approx. $150K ($21K for acquisition + $100K for rehab costs + $20K for property taxes over the next 5 years + another $30 - $35K for other holding costs, contingencies and misc. Subtract $25K for the tax credit.) In a healthy real estate market, you should be able to sell that property for $300K rather easily. That's a 30% tax free return on your investment. Not bad on the risk/reward ratio. For the right buyer, it can be a very good option. | ||
El_jimbo Member Username: El_jimbo Post Number: 484 Registered: 12-2006 |
Fnemecek makes my point far better than I did. | ||
Goggo Member Username: Goggo Post Number: 190 Registered: 11-2003 |
Regarding Hybridy's comment about eastside/jjabaside; one thing to consider when looking at a home near an expressway is its location with respect to the prevailing wind direction. It's been my experience that living north and/or west of a busy road in SE Michigan reduces the smell of exhaust from traffic. | ||
Ray1936 Member Username: Ray1936 Post Number: 2534 Registered: 01-2005 |
Um....the rest of those homes on the list up for grabs are also really in bad shape. A couple need nothing more than a bulldozer...... | ||
Defendbrooklyn Member Username: Defendbrooklyn Post Number: 603 Registered: 11-2005 |
how are you seeing pics of this place? | ||
Pam Member Username: Pam Post Number: 3257 Registered: 11-2005 |
quote: http://www.waynecounty.com/wca uctions/Auction/default_all.as p?t=&o=S | ||
Defendbrooklyn Member Username: Defendbrooklyn Post Number: 605 Registered: 11-2005 |
I have no problem opening this page but i dont see any pics of the Boston house and/or any place to click for pics... | ||
Chub Member Username: Chub Post Number: 496 Registered: 11-2003 |
Click on "View Listings" | ||
Defendbrooklyn Member Username: Defendbrooklyn Post Number: 606 Registered: 11-2005 |
It does not work...I will try from my home computer... | ||
Urbanoutdoors Member Username: Urbanoutdoors Post Number: 692 Registered: 11-2005 |
I walked by it today would say it needs about 40 to 50 on just the exterior, beautiful place though and its on the end block of Boston on that side of the freeway which is one of the most solid blocks on that side of the freeway. Lots of potential but alot of work. | ||
Lefty2 Member Username: Lefty2 Post Number: 865 Registered: 07-2007 |
One of my real estate professors and a couple of REIT investors told us that one of the the most profitable strategies (roi) is to buy the one of the cheapest places in an good or upcoming area and rehab it to a little above the average home in the area. Too much and you will waste your money. | ||
Johnlodge Member Username: Johnlodge Post Number: 4472 Registered: 10-2003 |
Sure, you have to remodel it properly for the neighborhood. Every neighborhood has a cap. For example, I wouldn't put granite countertops in my house, because I won't get that money back in my neighborhood. Now if you are trying to flip a house where houses can reach a million, then you are basically obligated to put them in. | ||
Mjb3 Member Username: Mjb3 Post Number: 161 Registered: 11-2004 |
Do the $4k/yr taxes reset if you buy it at say, $8-$10k? Aren't the $4k/yr tax rate based on purchase price of 300k. If you buy at auction rate, do the taxes back down to $500/yr or so? | ||
Mackcreative Member Username: Mackcreative Post Number: 157 Registered: 08-2006 |
Taxes are not based on purchase price, though it could be used in an appeal if it's consistent with the appraised value. If someone were to buy the house, appeal the tax assessment based on the home's condition and appraisal, file for NEZ the taxes they could be capped at a significantly lower rate for the following year. | ||
Jt1 Member Username: Jt1 Post Number: 11144 Registered: 10-2003 |
BE is in an NEZ (I believe). I think the mill rate is arounf 50 so if it has an appraised value of 300K (not saying it does but using the numbers) the taxes would be roughly 150*50 or $7500 per year. I guess it would all depend upon what the appraisers set the value at after improvments. As far as resetting I have no idea. |
