Post Number: 1
|Posted on Sunday, March 15, 2009 - 12:15 pm: || |
I'm just finishing grad school in Illinois and am thinking of buying a house in Detroit and restoring it. I do freelance work, so I can work from anywhere.... I was hoping to get a house for $3K or less. Any advice on what neighborhoods to focus on? Any other advice? Thanks.
(Message edited by shakey on March 15, 2009)
Post Number: 3856
|Posted on Sunday, March 15, 2009 - 12:42 pm: || |
If you have a job in the area, then why not?
Post Number: 727
|Posted on Sunday, March 15, 2009 - 1:05 pm: || |
Have you ever lived in Detroit or visited? If not my suggestion would to be to find a short term rental and see if you really want to live in the city before you buy. It will also give you a chance to explore the neighborhoods and determine which area you might prefer. When buying make certain you have the cash (Or financing) available to do the maintenance and repairs that a $3000 house will need. Most likely you'll need to invest many times the purchase price before the home is inhabitable.
Post Number: 516
|Posted on Sunday, March 15, 2009 - 1:08 pm: || |
Keep in mind that a home for $3k or less is priced like that for a reason.
You probably won't be able to sell it for much, even if you put big money into it, so treat it as a home, not an investment.
Also, if you're renovating it, please live in it. If you don't, the place will get trashed.
I would pay a little more, and live in a good neighborhood. Palmer Woods, University District, Indian Village, Green Acres, etc. will all cost you more, but are still "cheap" compared to anywhere else.
Post Number: 87
|Posted on Sunday, March 15, 2009 - 1:32 pm: || |
Shakey- 3k or less for a house?
What would your taxes be?
What would the neighborhood be like?
Do you care?
Post Number: 2
|Posted on Sunday, March 15, 2009 - 1:44 pm: || |
Sid, I'd want to live in a neighborhood that's fairly dense, or fairly close to downtown, within a few miles or so, rather than someplace way out in the suburbs. I'm trying to figure out what the best places to look are....
A friend of mine who knows people in Detroit told me you can buy a place for around 3K that's in fairly good condition, but of course would need some work.
The idea of homeownership at these prices is attractive to a lot of people I know, a lot of young creative types who prize free time above all else.
Post Number: 2113
|Posted on Sunday, March 15, 2009 - 1:47 pm: || |
"Also, if you're renovating it, please live in it. If you don't, the place will get trashed."
That's an understatement. A $3000 house is probably not going to be in a very good neighborhood, so I advise hiring an armed security detail to protect your property.
Post Number: 578
|Posted on Sunday, March 15, 2009 - 2:38 pm: || |
Get bars on your windows, steel doors and don't put anything inside that you can't live without.
Is this a toy house?
Post Number: 66
|Posted on Sunday, March 15, 2009 - 3:03 pm: || |
You will not have any free time while you are renovating a $3000 house.
If you are sincere, get to know and understand this city and its neighborhoods before you buy, as others have suggested. I recommend living here for at least two years before spending your time and money rehabbing a place.
Post Number: 184
|Posted on Sunday, March 15, 2009 - 4:29 pm: || |
here ya go
http://www.zillow.com/homedeta ils/8681-Brace-St-Detroit-MI-4 8228/62490401_zpid/
Post Number: 111
|Posted on Sunday, March 15, 2009 - 5:33 pm: || |
Post Number: 379
|Posted on Sunday, March 15, 2009 - 6:09 pm: || |
If you can't have someone armed living in it all the time, especially while renovating, and before putting bars on all the doors and windows, forget about leaving anything of value in there, and that includes plumbing and electrical wiring. Scrappers will watch and enter as soon as you leave. I don't live in Detroit any more, but have friends who do, and I base this on their observations. They live in 3 different areas of Detroit. Think long and hard about this. Detroit is a great city, but there are too many desperate or lazy people who feel the easiest way to a buck is through someone else's stuff.
Post Number: 641
|Posted on Sunday, March 15, 2009 - 6:18 pm: || |
Buy an all brick home.
Buy in a neighborhood inhabited mostly by homeowners not renters.
Spend more than $3,000 but not more than $30,000.
Post Number: 3
|Posted on Sunday, March 15, 2009 - 6:58 pm: || |
321brian, can you tell me more? Why spend between 3k and 30k? Why an all brick home? Thanks.
Post Number: 642
|Posted on Sunday, March 15, 2009 - 8:04 pm: || |
Actually, I would start looking over $10,000.
In the 10-30,000 range you should be able to find a decent home that will probably need some work but isn't falling apart. Try East English Village.
I guess it all depends on how much you want to spend.
There was a good article in one of the papers home sections recently about a guy who bought a cheap house on the westside and fixed it up. Of course I can't find it now.
All brick is just a more solid home.
If it is an older house it probably has aluminium siding which probably isn't in the best shape anymore and is a target for scrappers. Vinyl siding over it is a fix but one you will have to do again.
The brick and stone work you will find even on 1000ft2 bungalows in Detroit is top notch.
Here are a few to start:
3626 Bedford $11,500
5061 Berkshire $12,900
4693 Bedford $19,900
Also, don't buy on a corner. Those houses are usually the first on the street to go.
Don't bar the windows either. DFD can't get in either.
Post Number: 1244
|Posted on Sunday, March 15, 2009 - 8:08 pm: || |
"...I'd want to live in a neighborhood that's fairly dense, or fairly close to downtown, within a few miles or so..."
Technically it's not Detroit, but Hamtramck would fit that description. If I wanted to move close to the downtown area that's were I'd go.
I doubt you're going to find a $3,000 house in Hamtramck.
My advice would be to go to Hamtramck and rent and then see what you like in the areas surrounding downtown.
Have you ever been to Detroit?
An area that has a $3,000 house might scare the crap out of you.
Post Number: 1057
|Posted on Sunday, March 15, 2009 - 8:27 pm: || |
Try this neighborhood:
http://www.detnews.com/apps/pb cs.dll/article?AID=/20090313/L IFESTYLE/903130306
Post Number: 5
|Posted on Sunday, March 15, 2009 - 9:18 pm: || |
Sucks you don't wanna spend more money, my parents house is for sale! :P
Post Number: 8
|Posted on Sunday, March 15, 2009 - 10:16 pm: || |
We are looking in Boston-Edison. The neighborhood is near New Center, or about two miles up Woodward from Downtown. Check out homes for sale; http://www.historicbostonediso n.org/
Post Number: 560
|Posted on Sunday, March 15, 2009 - 10:48 pm: || |
Use the link below to familiarize yourself with the neighborhoods in Detroit. I recommend you concentrate your search in the Well-maintained areas called out on the map. Be sure you understand the property taxes associate with any home you are looking to purchase. The purchase price of a home does not always equal the taxable value. Also, avoid large homes in historical neighborhoods. While these homes may seem attractive, they can quickly become bottomless money pits. Good luck with your search.
Post Number: 580
|Posted on Monday, March 16, 2009 - 2:31 pm: || |