Just how bad is the housing market in Detroit?
Well, actually if you are an investor, it could be pretty good.
Micoley just released calls for opening bids on its next auction, four homes together, and the suggested opening is pretty insane — only $550.
That's right, not a single comma in that number, it's not a typo.
And what could $550 buy? The picture on the left is actually one of those insanely cheap Detroit homes.
To repeat just how insanely cheap that is, I'll put it in another perspective.
If only one person bids, they will get four homes where they could turn a profit with the first rent payment.
Of course, that doesn't include the $2,000 buyer's fee and cost of repairs.
Also, with anything, buyer beware.
"As is typical of Detroit Real Estate, details are scant on the precise nature of the homes involved," said an email from Rick Roundy, a real estate consultant with Micoley. "They appear to be single family houses, likely with no fewer than two bedrooms, but with the current owner, an investor, lacking knowledge of the Detroit area, little is known about these homes, apart from the likely value of the Real Estate itself some time in the near future."
The company is also going to auction seven homes with bids starting at a more acceptable $18,975.
