Quaint little fixer upper

[Richard]

Is it realistic to think a building in this location will be saved, as opposed to one in a more prime location?

everything is relative,once that more prime location increases in value people look to less relevant neighborhoods.

Everything else is calculated risk,where was the city at 5-10 years ago and where will it be 5-10 years from now,if you stick 335,000 into it can you buy simular elsewhere in the city?

Make 20% of the units below medium market rate and HUD steps in with partial funding,now you are down to less then $150k out of pocket.

Once a few units are rehabilitated in the neighborhood,get the newspaper out there and pump up it’s the next hot spot.

There are few cities in the county where you do not find high dollar properties surrounded by neighborhoods that you would not even dream of going out after dark.

Besides,they said Detroit will be under 10’ of water in a few years,so if you get tall properties now,when Detroit becomes the next Venis Italy the upper floors will be worth millions,step out into your boat and putter off to work.

The problem with it being a LB property is you could not buy it and stabilize and mothball it for a few years if need be,so there are no protections,if you look at the back wall in the photos of the one Dave posted,it appears the steel above the windows is gone or in bad shape and looks like from the picture anyways as if that wall will not last much longer unless it is stabilized soon.