The Detroit Land Bank, which auctions off properties online with starting bids of $1,000, has been listing two properties a day most days since May. Some have sparked mini-bidding wars while others go for the absolute minimum price of $1,000. All of them need work, but are folks scoring great deals at lowest possible closing price? Keep in mind that the Land Bank is not a lawless auction like the Wayne County foreclosure auction. Buyers get 6-9 months to demonstrate that they are fixing up the dilapidated homes or they risk losing them. You should read the rules.
↑ 2293 Pingree
Someone actually scored two $500 homes on this one, since it is a duplex. Located in Virginia Park, it has a few notable features like a large front porch and balcony, brick fireplaces, hardwood flooring, and some tile. Suggested repairs are extensive including kitchen and bathroom overhauls. It was purchased by a bidder with the screen name Natedogg.
↑ 7808 Senator
This one is located in Springwells which is part of Southwest Detroit. Built in 1915, the 1,300 square-foot home has a front porch, hardwood floors and wood trim. Suggested repairs include installing new gutters and improving the plumbing, along with kitchen, and bathroom repairs. It sold to RogelioRojo.
↑ 2990 Fullerton
If it weren't for a very boarded up kitchen, this Russell Woods property would be in semi-decent shape. It is also a duplex and the leaded glass windows are indeed eye catching. The fireplace and decorative moldings make this one a real stand out. It went to bidder M.Rivers.
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