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Tax Auction Flippers Seek $499K for Palmer Woods Tudor

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Photos via <a href="http://www.zillow.com/homes/for_sale/Detroit-MI/fsba,fsbo,fore,new_lt/88098699_zpid/17762_rid/42.500706,-82.803612,42.204361,-83.394127_rect/10_zm/2_p/?3col=true"> Zillow </a>
Photos via Zillow

This massive Palmer Woods home, a 6-bedroom, 6-bath, 6300-square-foot mini-mansion offers many fine 1920s details. The crown moldings are pretty, as is the marble foyer. There's leaded glass, a huge (gorgeous) crystal chandelier in the dining room, multiple fireplaces, and even an in-ground pool. Then again, there are also popcorn ceilings and a black bathroom with a clear glass sink that need to go die in a dumpster immediately, if not sooner. The house, acquired at tax auction barely a year ago, after selling in 2009 for $105K, has experienced every bit of the mortgage crisis, having been foreclosed on twice since 2008.

Is this place cursed? Was it built on an old graveyard or pet cemetery? While we're pretty sure evil spirits aren't real, for an owner willing to battle the (metaphorical) g-g-ghosts of foreclosures past, the place has oodles of potential. There's a detached three-car garage that looks to include a full carriage house space. The in-ground pool looks inviting, and comes complete with a slide and a very nice brick patio.

On the other hand, the listing throws a couple of red flags. There are no kitchen pictures (never a good sign) and no photographs of full baths. The black bathroom is truly hideous (there's just no way to sugarcoat a black bathroom, and we tried). The glass sink in that bath alone makes us wonder what other bad ideas lurk in the house's other five baths.

If giving flippers nearly half a million dollars works for you, and spending the cash necessary to help it realize its potential is in your budget, this home could be really amazing. From the few pictures available, though, it's clear the current owners put little new work into the place after buying it at auction, and while the house is immense and full of beautiful period details, it's also just plain immense, with possible money pit written all over it. Caveat emptor, as usual.

·Benzinga aims to use new digs to show off Detroit [Detroit Free Press]
·Classic Trailer: The Money Pit [YouTube]