Buying in Detroit

[gentlepuppies]

So why aren't more people scooping up them $500 houses? Better yet a $100 lot, so you don't have to spend money knocking the structure down (one would be a fool to try to make the house inhabitable and rent it out). Many have back-taxes, but that can be avoided if you buy through the city. What is stopping me from spending $1000 on 10 lots, pay someone to mow the lawn and the $48/lot/yr in property taxes for decades, and sell for a few hundred thousand when the day finally comes?

 

[gentlepuppies]

Or buy a house with a squatter living in it so they can take care of it for you for free!

 

[UserNameToronto]

Many have back-taxes, but that can be avoided if you buy through the city. What is stopping me from spending $1000 on 10 lots, pay someone to mow the lawn and the $48/lot/yr in property taxes for decades, and sell for a few hundred thousand when the day finally comes?

1) If there are no back taxes owed, then they're not going for $1000
2) Property tax is more than $48/yr. Like, 100x that for a property with an assessed value (not transaction value) of $50,000: https://treas-secure.state.mi.us/ptestimator/PTEstimator.asp