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May 25 2019

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Ultra-Cheap: Houses for Under $6,000

A sampling of houses that can be found on the market at pennies on the dollar

Grab ‘Em While You Can

Grab ‘Em While You Can

The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here’s a sample of what we found still on the market or recently sold.

Cleveland Multifamily for $5,000

Cleveland Multifamily for $5,000

An excellent example of the Craftsman style, this 1910 multifamily dwelling features second-story bay windows and deep eaves on its porch roof. Two of its three units have three bedrooms each. The broker at Keller Williams says this property has been on the market since early in 2008.
See this listing on Realtor.com

Detroit Bungalow for $750

Detroit Bungalow for $750

The details are scarce but at $750, this 1925 three-bedroom Craftsman with garage may deserve a closer look. The property, located in an inner Detroit neighborhood, needs some unspecified work. According to real estate website, Neighborhood Scout, the median home price in the vicinity is about $45,000, but this house is not likely to be the only one around offered at greatly reduced prices due to foreclosure.

Craftsman at 19th-Century Prices

Craftsman at 19th-Century Prices

A Craftsman home like this one cost around $6,000 at the turn of the century; this one is even cheaper in 2009. Listed at $4,900, this four-bedroom house has the low-pitched hipped roof, attic dormer, and square porch columns of the style. The 1908 structure, however, is showing its wear. It’s situated in a Detroit neighborhood of renters dubbed funky/artsy by some, where median property values come in at $25,000.
Email the agent

Pittsburgh Home for $5,900

Pittsburgh Home for $5,900

This two-family Colonial Revival has been on the market since October. A likely candidate for a gut renovation, the house has suffered the robbery of all of its copper. But, with a pedimented dormer, a large porch, and transom lights over the front door, it’s got great potential for curb appeal.

Indianapolis Bungalow Sold for a Few Thousand

Indianapolis Bungalow Sold for a Few Thousand

Sitting on a small yard fronted by hardwood trees, this 1895 two-bedroom Queen Anne needs a top-to-bottom rehab. Still, listed at $3,000, some might say it was a deal for the buyer who snagged it. According to its listing agent at F.C. Tucker, the lot alone is worth that much. Its hipped-roof porch, tall one-over-one windows, and deep eaves hint at the quaint charm it exuded in better times.

Pennsylvania Colonial Revival in Contract

Pennsylvania Colonial Revival in Contract

Currently under contract in the Brushton area of Pittsburgh, Pennsylvania, this 1930 brick Colonial Revival that was listed for $5,899. It features two fireplaces. Agent Steve Chupinka of KS Real Estate says the three-bedroom house with den is in relatively good condition, but it will need a new kitchen and bath and some plasterwork. Snatched up within two months of being listed, this house might be part of a local revival. Chupinka says there are a number of new owners rehabilitating houses the area.

Detroit Colonial Revival at $2,900

Detroit Colonial Revival at $2,900

This 1925 three-bedroom Colonial Revival is listed for $2,900 with the promise that it has been priced low for a quick sale and holds potential for the right buyer. The boarded-up front door highlights the TLC this property will likely need, but the entry’s fanlight hints at its potential. It’s situated in an ethnically-mixed Detroit neighborhood of row houses, older homes, and even some historic properties. Property values began falling in this area about two years ago.
Email the agent

Two-Family Cleveland Home: Sold for $1,200

Two-Family Cleveland Home: Sold for $1,200

This East Cleveland duplex sold to an investor. Real estate agent Tonya Perkins-Stoudermire says the new owner will need to make repairs in the kitchens and bathrooms, and plumbing and electrical upgrades are likely. The house belongs to a neighborhood filled with vacant residences, but much of the stock is “beautiful,” notes Perkins-Stoudermire. She says investors have been snapping up these homes and turning them into income-generating rentals, and she says they are saving neighborhoods in the process.

Indianapolis Historic Property for $5,000

Indianapolis Historic Property for $5,000

Built in 1900, this three-bedroom, cross-gabled Queen Anne features a full-length porch with piers supporting classical columns. The interior still has some of the original woodwork. Broker Regina Nottingham-Briles of Nottingham Realty LLC says she believes the property is structurally sound, but it will need a total overhaul. It’s been on the market for six months in a distressed neighborhood.
See this listing

Yours for $ 4,500

Yours for $ 4,500

Younger than some of its neighbors, this three-bedroom suburban look-alike was built in 1941. The address puts it in the middle of the foreclosure meltdown in Detroit, where dozens of listings on any given day show houses going for prices from another era. Though its facade, with gable front and bay window, appears to be in pretty good shape, this one-bath Tudor “needs work,” according to the listing agent.

Cleveland Duplex for $4,000

Cleveland Duplex for $4,000

A full-height porch graces this multifamily 1914 Neoclassical house, not to mention a monumental shade tree in the front yard. A look at recent sales in the area on Zillow shows a number of houses going for low prices. The price of this house has been steadily falling; it sold for $41,000 in 2004 and for $12,000 in 2008.

Brick Colonial for $4,500

Brick Colonial for $4,500

Three bedrooms and a garage come with this 1923 brick Craftsman in an urban Detroit neighborhood. For the right investor, the broker suggests this house could be a steal at this low price. Like most of the houses in this gallery, the listing agent says it needs work. On an encouraging note, it last sold in 2007 for more than $60,000, according to the real estate website Zillow.
Email the agent

Muncie Bungalow Listed at $5,500 is Sold

Muncie Bungalow Listed at $5,500 is Sold

Recently sold, this 1923 two-bedroom Craftsman offers classic porch walls, a bay window, and original built-ins. There’s a backyard to match its wide front yard, too. Broker Paul Starr says the house has architectural character, but both the interior and yard have been neglected, and the house has suffered vandalism. Its new owner will probably want to gut it. Starr says though this house is off the market, he has others like it to show prospective buyers.

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Grab ‘Em While You Can

The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here’s a sample of what we found still on the market or recently sold.

Cleveland Multifamily for $5,000

An excellent example of the Craftsman style, this 1910 multifamily dwelling features second-story bay windows and deep eaves on its porch roof. Two of its three units have three bedrooms each. The broker at Keller Williams says this property has been on the market since early in 2008.
See this listing on Realtor.com

Detroit Bungalow for $750

The details are scarce but at $750, this 1925 three-bedroom Craftsman with garage may deserve a closer look. The property, located in an inner Detroit neighborhood, needs some unspecified work. According to real estate website, Neighborhood Scout, the median home price in the vicinity is about $45,000, but this house is not likely to be the only one around offered at greatly reduced prices due to foreclosure.

Craftsman at 19th-Century Prices

A Craftsman home like this one cost around $6,000 at the turn of the century; this one is even cheaper in 2009. Listed at $4,900, this four-bedroom house has the low-pitched hipped roof, attic dormer, and square porch columns of the style. The 1908 structure, however, is showing its wear. It’s situated in a Detroit neighborhood of renters dubbed funky/artsy by some, where median property values come in at $25,000.
Email the agent

Pittsburgh Home for $5,900

This two-family Colonial Revival has been on the market since October. A likely candidate for a gut renovation, the house has suffered the robbery of all of its copper. But, with a pedimented dormer, a large porch, and transom lights over the front door, it’s got great potential for curb appeal.

Indianapolis Bungalow Sold for a Few Thousand

Sitting on a small yard fronted by hardwood trees, this 1895 two-bedroom Queen Anne needs a top-to-bottom rehab. Still, listed at $3,000, some might say it was a deal for the buyer who snagged it. According to its listing agent at F.C. Tucker, the lot alone is worth that much. Its hipped-roof porch, tall one-over-one windows, and deep eaves hint at the quaint charm it exuded in better times.

Pennsylvania Colonial Revival in Contract

Currently under contract in the Brushton area of Pittsburgh, Pennsylvania, this 1930 brick Colonial Revival that was listed for $5,899. It features two fireplaces. Agent Steve Chupinka of KS Real Estate says the three-bedroom house with den is in relatively good condition, but it will need a new kitchen and bath and some plasterwork. Snatched up within two months of being listed, this house might be part of a local revival. Chupinka says there are a number of new owners rehabilitating houses the area.

Detroit Colonial Revival at $2,900

This 1925 three-bedroom Colonial Revival is listed for $2,900 with the promise that it has been priced low for a quick sale and holds potential for the right buyer. The boarded-up front door highlights the TLC this property will likely need, but the entry’s fanlight hints at its potential. It’s situated in an ethnically-mixed Detroit neighborhood of row houses, older homes, and even some historic properties. Property values began falling in this area about two years ago.
Email the agent

Two-Family Cleveland Home: Sold for $1,200

This East Cleveland duplex sold to an investor. Real estate agent Tonya Perkins-Stoudermire says the new owner will need to make repairs in the kitchens and bathrooms, and plumbing and electrical upgrades are likely. The house belongs to a neighborhood filled with vacant residences, but much of the stock is “beautiful,” notes Perkins-Stoudermire. She says investors have been snapping up these homes and turning them into income-generating rentals, and she says they are saving neighborhoods in the process.

Indianapolis Historic Property for $5,000

Built in 1900, this three-bedroom, cross-gabled Queen Anne features a full-length porch with piers supporting classical columns. The interior still has some of the original woodwork. Broker Regina Nottingham-Briles of Nottingham Realty LLC says she believes the property is structurally sound, but it will need a total overhaul. It’s been on the market for six months in a distressed neighborhood.
See this listing

Yours for $ 4,500

Younger than some of its neighbors, this three-bedroom suburban look-alike was built in 1941. The address puts it in the middle of the foreclosure meltdown in Detroit, where dozens of listings on any given day show houses going for prices from another era. Though its facade, with gable front and bay window, appears to be in pretty good shape, this one-bath Tudor “needs work,” according to the listing agent.

Cleveland Duplex for $4,000

A full-height porch graces this multifamily 1914 Neoclassical house, not to mention a monumental shade tree in the front yard. A look at recent sales in the area on Zillow shows a number of houses going for low prices. The price of this house has been steadily falling; it sold for $41,000 in 2004 and for $12,000 in 2008.

Brick Colonial for $4,500

Three bedrooms and a garage come with this 1923 brick Craftsman in an urban Detroit neighborhood. For the right investor, the broker suggests this house could be a steal at this low price. Like most of the houses in this gallery, the listing agent says it needs work. On an encouraging note, it last sold in 2007 for more than $60,000, according to the real estate website Zillow.
Email the agent

Muncie Bungalow Listed at $5,500 is Sold

Recently sold, this 1923 two-bedroom Craftsman offers classic porch walls, a bay window, and original built-ins. There’s a backyard to match its wide front yard, too. Broker Paul Starr says the house has architectural character, but both the interior and yard have been neglected, and the house has suffered vandalism. Its new owner will probably want to gut it. Starr says though this house is off the market, he has others like it to show prospective buyers.

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