This is pretty fascinating. I thought @Joshua Dorkin would appreciate this!
@Brandon Turner 43K homes in jeopardy of foreclosure in one city is scary! Feel for those folks up there.
But wait . . . you can buy a home for like $1 . . . we should all be rushing in to buy, no?
Well, from what I've heard (I haven't done enough driving around myself), there are some potential gems in the Detroit historical neighborhoods of Boston-Edison, Sherwood Forest, and Lafayette Park. I'm actually keeping my eyes peeled in Boston-Edison as it's pretty close to the growing Midtown and Downtown areas. A lot of these large properties are gutted but selling for very low prices and the crime rates are much lower than the eastern side and other parts of the surrounding downtown part of the city. I guess to show an example of what potential these homes have...
2512 W. Boston Blvd, Detroit, MI
and what something like this could look like flipped...
1991 W. Boston Blvd, Detroit, MI
Of course, I don't know if the flipped home will sell for that high, but it shows the serious potential this and some of the other historic neighborhoods have. Historical property renovations aren't the cheapest either...*sigh*
Join the Largest Real Estate Investing Community
Basic membership is free, forever.