The first Detroit Land Bank auction happened last spring in East English Village. Soon, the neighborhood might be witness to the program's first successful flip. Auctioned off in June for $10,500, a 1,300-square foot home at 5811 Grayton is now on the market asking $86,499. The owner, Clint Jeffery Bowen, told Crain's that he spent three months and $35,000 giving the house a complete rehab, including new plumbing, electrical, and appliances, adding "I don't know of any other investment where you make that return." We combined the original Land Bank photos with the listing photos for a look at the rehab.
More rehabbed photos are available at the listing below.
· Listing: 5811 Grayton [Keller Williams]
· Land bank home auctioned for $10,500 selling for nearly $90,000 [Crain's]