Detroit Has Many Homes Worth Less Than $10,000

24/7 Wall St.

DetroitThe $10,000 home — rare? Not in Detroit, the largest American city to enter bankruptcy — in its case Chapter 9. Realtor.com lists 515 homes for sale at between $5,000 and $10,000.

Most of these low-priced homes are small, as measured in square footage. Many are fewer than 2,000 square feet in size and have two bedrooms or less. Many also sit on lots that are less than 4,000 square feet — barely large enough for a real yard.

A great many of the cheap homes are clustered well outside the center of downtown, which sits on the Detroit River. There have been some partially successful efforts to rebuild this city center. And the sections of the city between General Motors Co.’s (NYSE: GM) headquarters in the 73 story Renaissance Center and Comerica Park where the Detroit Tigers play, and Ford Field, which is the home of the Detroit Lions…

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We are a small real estate investment company that specializes in tenant placement and investment properties. Our headquarters is in Eaton Rapids MI and has a satellite office in Austin, TX.

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