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Houses on that block don't get a for sale sign very often, this one is pegged at 520k. Seems a tad high, even being modest at least $300 a foot to RESTORE not re-muddle. That could easily climb another $1-200 a foot. Given the property taxes in Detroit, I am not absolutely an expert but wouldn't that push the yearly taxes to an outrageous amount?
Win the lotto, I'd move back for this one for no other reason than to do it properly.
It’s based on comps,scroll down in the link to other listings nearby and it actually appears to be a good deal,outside of the standard box store bathroom it appears to be pretty much unmolested without a lot of the original woodwork not painted .
The other bathroom has the original porcelain flooring and looks like tub,throw in a period correct toilet and sink and you are done.
Lots of original lighting or period correct,the rest is cosmetic,if somebody was a little handy $10-$15 K max would make that house shine,it was not uncommon to have the nice unpainted woodwork on the bottom floor to impress guests then is a cheaper grade painted on the second.
Depends on the buyers intent,some like to buy an old home,then gut it and modernize the inside,kitchens and bathrooms are the pricey parts.
That kitchen even more so with the abundance of salvage materials in Detroit could be put back to original pretty cost effective.
These days with the abundance of social media it is easy for somebody with low skills to find guidance in restoration projects,even more so because you can buy cheap tools from harbor freight where as in the past it was a major investment just in the tools.
If one was going to buy that one and pay contractors then yea ,but for a young couple or somebody with the means that takes it on over a little of time if they buy it for $500k put a little sweat equity in and they have according to comps a $650 - $800k house,that’s not a bad deal.
Even to flip there seems to be a lot of meat on the bone as they say.
Thats without knowing the state of the mechanicals,foundation,electric and plumbing,it is listed at 100 amp electric service where the standard is 200 amp anymore. So I guess one has to figure electric if they want to add A/C .
The current owners have had it for a bit,but when you look at Zillow the estimated property taxes are $744. In the $475-$500k sales range.
3000 sqft house on a 10,000 sqft lot ,if those are true numbers that makes it a heck of a lot more value then where I am at.
But for me the HOA only $50 but if I am going to buy something out of love of old houses to restore I am going to do it on my terms and not because I am forced to.
Oddly enough about 8 years ago I researched a house that was 6000 sqft that needed restoration asking price was $60k but the property taxes were listed at $12k per year.
That was what killed it for me,I would have dealt with freezing my ass off for that one,it would have been nice to take on.