Quote Originally Posted by DetroitPole View Post
First, it says "as little as" so I'm guessing that 1k figure is the exception, not the rule.
Secondly, it says towards abandoned houses. Abandoned houses in Detroit anyway bring down the property value far more than a house going for dirt cheap. An abandoned house is more likely to attract squatters or some hood rats than anyone, so virtually nay alternative is preferable, especially a cop.
Besides, houses in both neighborhoods have gone for $10k~ on a regular basis.
Finally, I'm guessing they're not going to let Officer Lunchbox have the Berry Gordy mansion for $1,000. There are actually a ton of rather modest properties in EEV and BE. The highest anything goes for in EEV anymore is well under 200k so I'm not too concerned.
In fact, I'm almost excited...if only this works...
You make a couple of good points; however, keep in mind, anyone that buys a 10k home in one of these neighborhoods has to put @ least another 200k in rehabbing it. You can't just look at the purchase price of the home. Its the total amount of equity involved. They're suggesting rehabbing these private homes with federal dollars. Net result, significantly depreciated individual investment.

I do agree with your point about abandened homes. Although you make a good point, its a sad one. It speaks to the volume of despair in the city that the best neighborhoods has a catalogue of abandened homes to rehab. That being said, putting bodies in the homes at best slows downs depreciation, but doesn't reinforce longterm appreciation as I stated earlier.