Buying an old building- urban economics

[Ocean2026]

I love old buildings but can only afford to buy and fix up one of them. Using one of my top picks [[before I actually see it) I give the example of a building on Jefferson near Burns. The building includes a carriage house and an office bldg and has been vacant and vandalized several times over the past few years. it is currently boarded up and BEHIND ON ALL TAXES. Using the crime link someone provided there seems to have been another burglary within 100 yards during the last 30 days. A notorious local landlord [[theres' been a thread about her) had this bldg and let it decay - a local bank owns it now.

If I were to pay $75k and the $12k in back taxes - along with another $100k to fix up -what would the economic impact to Detroit be?

The $75k would go into the local economy.

The back taxes would be paid -as well as current ones - providing govt with a small amount of needed revenue [[ which they would waste lol).

The $100k fix up would go to local workers and materials [[I'm not bringing up a crew from South Texas -even if I knew of such a crew).

The carriage house would become a summer home - or perhaps the top floor of the building. Summers where I live are humid and in the high 90's every day- its not comfortable. A friend from here if she gets into U of Michigan Phd Education Program would live there and maybe teach in Detroit schools or consult. Obviously for any time we would live there we would be buying local food and stuff - a tiny boost for the economy. As I do mostly volunteer work here [[school board and president of the bar assn), I would probably find some time there for this stuf as well.

I would rent out one of two of the offices but as I've stated before and EastDetroit should have read it would be mostly to have someone to watch the place and keep it looking occupied- low rent. I have NO INTEREST in becoming a landlord in general - I think it would be one of the most stressful and annoying occupations. I could have been a landlord without going to graduate and law school - it has to be one of the unhappiest of occupations.

In my opinion and according to the Detroit News story -that was posted here last week its not only masses of people moving its also the educated and those with jobs -not really the ones layed off as many might think.

I love the old buildings- we don't have them here- and I hate to see them decay. There is no assurance I can get this one -the broker said they are hoping for more and I also look in Buffalo and Pittsburgh.