AMERICANS can get a six-bedroom home with an additional lot at a greatly reduced price.
The Detroit home is for sale for just $7,500, but you’ll need to act fast if you want to close the real estate deal.
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Listed on Realtor.com, the six-bedroom, 2.5-bathroom home is located on West Arizona Street in Detroit, Michigan.
The property was built in 1921 and, according to the property description, needs extensive renovation.
However, with a reasonable price tag of $7,500, the apartment building could be a great investment and property in need of renovation.
The brick house has a footprint of 2,868 square feet and costs potential homeowners less than $3 per square foot.
The two-storey building also includes a 557 m² undeveloped plot of land, which corresponds to a total area of almost 836 m².
It has hot water and natural gas heating.
How to use Excrow to buy a house
What is an escrow account? Why has my mortgage payment increased?
Escrow accounts are set up to help homeowners cover insurance, property taxes, or other home-related expenses.
If you have an escrow account, part of your monthly mortgage payment will be deposited into the account.
The trust management company then uses the money in the trust account to pay taxes and insurance when those payments become due.
Essentially, the escrow account bundles these other costs with your monthly principal payments, making them easier to manage. This is intended to reduce the likelihood that homeowners will fall behind on their payments.
If the government’s annual assessment of your home shows an increase in your property taxes, escrow payments can also skyrocket. That means even those with fixed mortgage payments will have to shell out more money each month.
The total amount due at closing of the home purchase is $1,800, including a $1,500 down payment and $300 closing costs.
The estimated monthly payment for the house is $178.
To purchase the home, the buyer must submit a purchase offer with renovation and financing plans.
FAMILY FUNCTION
The duplex has two separate living units, each with three bedrooms.
The multi-family aspect is attractive for both investors and tenants.
For real estate investors, multi-family properties can generate multiple rental incomes from a single property.
Additionally, three-bedroom units can attract families or groups, potentially resulting in stable, long-term renters.
On the renter side, an apartment building can provide ample space for families, roommates, or those who need additional space for an office or guests.
The rent for such a property can often be cheaper than for a single-family home.
There are several schools and numerous parks within a 5 km radius of the property.
Additionally, several grocery stores like Aldi are less than a mile from the house.
There are also daycare centers, cafes, restaurants and shops nearby.
Potential homeowners recently bid on the cheapest home in New York at an auction with a starting price of $1.
In addition, a study revealed in which three cities rental prices fell the most last year.
