Land Bank Flip Fails to Land, Drops Price $7000 to $72.9K

Just a month after listing their investment property on the market, the pair of Oakland University students that that rehabbed a home purchased from the Detroit Land Bank have slashed the asking price by $7000. After winning the Hamtramck house at auction for $6300, the enterprising young men put most of their savings into remodeling the home, installing new hardwood floors, a whole new kitchen, bathrooms, roof and furnace.

At $72.9K, the home's price comes far closer to comps in the neighborhood than the original $79.9K ask. Given the limited amount of truly move-in ready stock in Hamtramck (even rentals go in a flash), the lower price could help move this 3-bedroom, 1.5 bath home.

·5137 Prescott St [Zillow]
·College Student Flippers ask $79.9K for Land Bank Home [Curbed Detroit]