The Detroit Land Bank has had its problems, given that financing hasn't always worked out, and that many of the nearly 400 homes bought though the program last year are still in real-estate limbo. While the program looks for its footing in general, the purchasers of one Land Bank home are hoping their $6300 gamble pays off. According Craig Fahle, Land Bank senior advisor and former host of his own eponymous show on WDET, the enterprising young people hoping to turn $6300 into a $79.9K asking price are current students at Oakland University. After buying the NorHam home at auction (seen at top of this post in its "before" state) last December, the new owners gutted it entirely, installing brand new hardwood floors and a custom kitchen and adding attractive cedar shake to the 1923 home's classic bungalow facade.
The 3-bedroom, 1.5-bath home has ceramic tile bathrooms, a front porch and rear deck, and a renovated detached garage. The home has just over 1000 square feet of living space, and the purchasers didn't stop with the decorative bits—it has a new roof, furnace and water heater, too. The house has charm, despite some minor missteps (the weird bathroom vanity with big gap beneath could be just the project for new homeowners looking to put their stamp on the place, e.g.). While the first Land Bank flip stuck its landing, the asking price for the Prescott Street home is a pretty big ask. Though the wanna-be flippers clearly put a ton of time, effort and cash into the property, homes nearby are going for significantly less, even in similar condition. Nonetheless, buying a home at auction and using its sale to fund your college education is a gutsy move, one sure to be rewarded, even if the place goes for less than the dream asking price.
·Listing for 5137 Prescott [Realtor.com]
·Detroit Land Bank Auctions: Are They Really Working? [Curbed Detroit]
·Craig Fahle leaving WDET for Detroit Land Bank Authority [Crain's Detroit Business]
·Brush Park Apartment for Rent [Craigslist]
·3953 Prescott St has a Pending Offer [Zillow]
·58811 Grayton Street Sold for $86K [Zillow]
·The First Flip: Rehabbed Land Bank House Wants $86,500 [Curbed Detroit]