Detroit house on EBAY worth $71k for $2.25k

[Ocean2026]

http://cgi.ebay.com/Nice-Investment-...3%3A1|294%3A50

"Estimated value of $71k If you are not intend to live in it, you can easily rent it at $550 a month." "
NICE NEIGHBOURHOOD- DESIRABLE PART OF TOWN - GOOD RENTAL AREA"

Now actually I don't know the neighborhood but I remember posts about Robinwood as being mentioned in the threads "Worst neighborhood" This must be the good part of the street. There are $975 in closing costs.


Doesn't Michigan have a Deceptive Trade Practices Act ?

Anyway there seems to be a market for people selling Detroit houses on Ebay- there's at least 10 as I speak. Its amazing that people buy properties unseen. I have a feeling the high bidder is going to be in for a big surprise - only 4 hrs to go on this one!

[brandon48202]

Robinwood has to be one of the worst streets in the entire city. Almost every house is fire damaged.

[Bearinabox]

Robinwood has to be one of the worst streets in the entire city. Almost every house is fire damaged.

Yeah, but it's a long street, and this house is at the opposite end of it. It's in the 7/Van Dyke area, near Nortown Bakery. It's not the greatest neighborhood, but it is a lot more intact than the State Fair area.

BTW, I found this quote while scrolling through the eBay listing:

"Sometimes one pays most for the things one gets for nothing." Albert Einstein

Not exactly the sort of motivational speech I'd use to sell someone a foreclosed house in a rough part of town for pennies on the dollar.

[eriedearie]

A friend of mine lived down the street from that house years ago - the area was *ruff* then, one can only imagine how bad it is now.

Gosh I took a look at the pictures - house is in a mess. It would take a considerable amount of cash to redo the whole kit and kaboodle and that's what the place would need before you could consider renting it. No profit for several years, the way I figure it.

[Ocean2026]

I wrote the person who listed this- told him he better hope Michigan doesn't have a Deceptive Trade Practices Act.

A bit of puffing is ok - but the combination of it being rentable for $550 a month 71k value [[ the definition of market value is what a willing buyer would pay a willing seller in an arm's length transaction) and nice neighborhood - is a bit too much. Of course the person who buys without looking probably isn't free of fault.

[Sstashmoo]

"Nice neighborhood" is relative to whom utters the phrase. Just an opinion. Depends what one considers "nice".

[Ocean2026]

Sstash - You are taking just one point out of context.


A jury or judge would look at the totality of the circumstances and claims

A. market value $71k
B rental claims $550 a month
C neighborhood

The person who listed it just emailed me saying she was going to send the listing to her attorney to see what he thinks.

Using your logic I could sell you a "great car" for $5000 on Ebay even though it didn't have an engine. Well in my opinion it could still be great-tires might be nice and the color pretty.