Doctor Detroit
Please remove your headgear
This article has some good links and information.Ilov80s said:
What you'll find in many cases with the back taxes is those are considered in the asking price, so stuff that is in livable condition will have a bulit-in discount. That article also discusses buying at auction and stuff not being sold on day having their back taxes waived by the city.
The real consideration IMO is not the back taxes, but the future taxes. Detroit's tax base is so shattered that it just costs too much to live in the city these days on accessed values. And what do you get for the taxes you pay? Next to nothing. This is something Mayor Dugan has to address if he wants people to move back into the city.
Like I said, I have looked at properties in Detroit for five or six years now trying to find one or more investment properties, and I have always been scared away in the end because of the stuff addressed in that article. I was going to buy a house in Springwells (I love that neighborhood) and I talked with other investors, and they said you have to be there every day to prevent stuff walking away. A good story I always tell is one of my friend who moved into the city and stuck it out for three years. One morning he walked out of his house and looked at a neighbor's house that was occupied (they were away for the weekend), and big chunks of the aluminum siding had been ripped off the house overnight.
I would like to move back to the area if I ever find a job in Detroit and will consider living in the city. After I found my primary residence I would definitely look for investment properties, but I'd have to be able to check on them every day. IMO the UoD area has great investment opportunities, but there is simply too much brazen thievery happening to do anything now if I'm not in the local area.
