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Unfinished Woodbridge income property seeks $525K

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Seriously?

Last week, we did a round-up of fixer-uppers on the market. We also saw a Corktown Victorian that had been empty for years and was asking $199,000. Perhaps we should start calling the round-ups “Bail me out of this money pit.” Here’s an example. This large Woodbridge property was likely a beauty in its day. Now it needs all the work it can get and it’s listing for $525,000. Yes, that’s correct. $525,000.

It’s located on Trumbull next to another property that sold last year, and close to new houses that will be built in the coming years. The property is over 3,300 square feet with four units, and the possibility for five. It’s a high traffic area and the property has clear income potential; still, it’s asking way too much. It’s located near Wayne State and Midtown. Take a look and let us know what you think.

And if you’re looking for a fixer-upper but don’t have this kind of cash, the land bank has them up for auction every day.