AMERICANS can win a heavily discounted home with six bedrooms and an extra lot.
The Detroit home is listed for just $7,500, but you’ll need to act fast if you want to secure the real estate deal.
1
Listed in Realtor.comThe six-bedroom, 2.5-bathroom home is located on West Arizona Street in Detroit, Michigan.
The property was built in 1921 and needs to be completely renovated, according to the advertisement.
However, for the cheap price of $7,500, the multi-family home can be a great investment and a superior fixer-upper.
The brick home is 2,868 square feet, costing prospective owners less than $3 per square foot.
The two-story property also comes with a 6,098-square-foot vacant lot, totaling almost 9,000 square feet.
It has hot water and natural gas heating.
How to use excrow to buy a house
What is a deposit? Why did my mortgage payment go up?
Escrow accounts are created to help homeowners cover insurance, property taxes, or other home-related expenses.
If you have a deposit, part of your monthly mortgage payment goes into the account.
The escrow management company then uses the money in the escrow account to pay taxes and insurance when those payments are due.
Essentially, escrow bundles these other charges with your monthly principal payments, making them easier to manage. The goal is to make homeowners less likely to default on payments.
If the government’s annual assessment of your home determines that property taxes will increase, escrow payments may also increase, meaning even those with fixed mortgage payments could end up shelling out more money every month.
The total due at closing on the home is $1,800, which includes a $1,500 down payment and $300 in closing costs.
The estimated monthly payment for the house is $178.
To purchase the home, the buyer must submit a purchase proposal including renovation and financing plans.
FAMILY FUNCTION
The duplex has two separate housing units with three bedrooms each.
The multifamily aspect is an attractive feature for both investors and renters.
For real estate investors, multifamily homes can generate multiple rental income from a single property.
Additionally, three-bedroom units can attract families or groups, potentially leading to stable, long-term tenants.
On the renter’s side, a multifamily home can offer ample space for families, roommates, or those who need extra rooms for offices or guests.
Renting such a property can often be cheaper compared to single-family homes.
Several schools are located within five kilometers of the property, as well as many parks.
Additionally, several supermarkets, such as Aldi, are less than two kilometers from the house.
There are also nurseries, cafes, restaurants and shops nearby.
Potential homeowners recently bid on New York’s cheapest home at an auction starting at $1.
Additionally, a study revealed the three cities with the biggest drops in rent prices last year.
This story originally appeared on The-sun.com read the full story
