When it comes to Detroit, there are plenty of bargains to pick up. However, sometimes there’s also more than meets the eye. In this case, the cheapest property in the city is currently listed for a mere $4,100. Located on Waverly St, it has been on Zillow for over 3 years but has not budged.
In fact, since it was last sold in 2010, it has even gone down in value by $900. So, what is the catch? Sadly, this property is yet another example of the bottom end of the Detroit real estate market. Although it may seem a catch at first glance, it also comes with a lot of baggage.
In short, it comes with 5 years of tax to pay on it which will make this a far heftier investment than it first seems. However, this is not the only reason why either. The second reason is due to its condition. From the outside, it doesn’t seem too terrible. Having said this, the inside tells another story.
Specifically, the house is in ruin and looks to have suffered bad fire damage. As a result, it is more of a shell compared to a regular home and may even need rebuilding completely. Due to this, it’s fair to say that it is not exactly the bargain that it may first appear. Interestingly, this house may have also been a cozy family home, as it is 3,484 sqft in size and features 4 bedrooms, and 2 bathrooms. Nonetheless, it is a timely reminder that property in Detroit can sometimes be more hassle than it’s worth