The decline of Detroit’s population from over 2 million in the 1950s to roughly 700,000 at present made big news earlier this year. And the Motor City’s property values have declined proportionately, resulting in a price-to-rent ratio of 7: much less expensive to rent, than to own. But in the wake of the auto bailout and small signs of an economic revival, perhaps there is good reason for visionary Detroit buyers to strike while the housing is (uber) cheap.
Median Sales Price: $65,000
Property Address: 1771 Seminole Street, Detroit MI
Bedrooms: 5 | Bathrooms: 10 | Square Footage: 11,027
List Price: $474,000
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