You can buy a decent house in Detroit for seven thousand dollars right now.
“Decent” being a very relative term in this context.
Ain't no such thing as a decent house left in Detroit. You might find one but you're not going to want to live there. Chances are there will be at least two houses on your block that are falling down or have already been torn down.
If you want to fix it up then rent it out, keep in mind that the only people left in Detroit are the old folks who retired and can't afford to move to the suburbs or people on welfare with no jobs. Most of the folks working in Detroit have moved to the subs.
I'd love to take you on a tour of Detroit's east side where my parents lived. The houses in that area were all nice tudor style brick houses. The last time I drove down their street on my way to work at the plant, the front steps had broken off the foundation and the backyard garage, which was mostly brick, was tilted over at about 45 degrees, ready to collapse. The house next door was no longer there and there was another vacant lot at the end of the block.....Across the street and two houses down, where Mrs. Kerschmacher lived, there was a huge portable dumpster sitting in the front yard filled with wood and stuff.....
The elm trees which line the street have grown so large that they completely cover the street giving you the impression that you are driving thru a tunnel. What a surreal experience that is, driving down a dark, completely sunless street with broken down houses on both sides.......
I would also take you over to the plant where I worked and show you some city blocks where there are maybe 6 or 8 left, the rest have been torn down and nothing but weeds and trees growing. What the heck, 7 houses at $7,000 each, and you might be able to buy the remaining lots at maybe $1,000 each, you could probably buy a complete city block for maybe $80,000.........LOL!
That may be a slight exaggeration, you'll probably have to pay the city for back taxes on the vacant lots......but you understand the point I'm trying to make.
Nobody in their right mind (unless you want to become an unscrupulous slum lord, and I know of several who worked at my plant) would want to buy a house in Detroit, no matter what the price.