Ok seriously what is the deal with Detroit?

[Markeilsha R.]

Detroit homes are DIRT CHEAP people are literally giving them away. Why aren't investors owning whole neighborhoods are this rate??

So now the even more naive question... What's the worst that can happen if I take one of the $50 houses??

[Greg V.]

So I once thought that too. You probably have to put a good amount of money to bring it up to liveable condition, maybe $30k or more. Let's say you get tenants but the tenants that come and go continually trash the place and you have to replace the carpet, paint, appliances, etc. If you are going to buy, I would suggest that you live in the area and can keep good tabs on the property and have a personality that can handle the drama. Even if you get a good property manager, most likely they will move on to higher priced properties with less drama. From my experience, you can lose a lot more than your initial investment.