Anyone looking for homes in Milwaukee for under $10K?

[Jeff S.]

Came across this today: http://city.milwaukee.gov/CityHouses#.WlkyrJM-dMB. Some homes as low at $3300. Not in the best neighborhoods, but each buyer looks at different neighborhoods differently. 

[Nathan Gesner]

Sounds nice but you don't get nothing for free.

These are all foreclosures. The "Current Listing" is for owner-occupied only. Investors have to purchase from the "Extended Listing" list. 

I chose the third property: 2743 N 10th Street. If you click on it, there is a detailed list of necessary repairs with an estimated cost of $58,185. Add the purchase price of $3,000 and it will cost you $61,185 to get this house in good repair, not to include REALTOR fees and closing costs.

A quick jump to Zillow shows the estimated value at $46,000. Look at the map and you'll see most of the surrounding homes are $35,000 - $50,000. Even if you do the work cheap, you'll probably lose money.