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This Detroit neighborhood is so bad that $1 homes could be a rip-off

The Daily Ticker
The Daily Ticker
Daily Ticker

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Downtown Detroit is seeing a revitalization of sorts sparked by Dan Gilbert's $1 billion investment in the area. Since 2010, Gilbert's investment has created an estimated 6,500 jobs in downtown, and, as a result, it's nearly impossible to find a vacant apartment as residential occupancy rates reached as high as 99.4% for the downtown area.

Related: Detroit Bankruptcy a “Game-Changing Event,” Meredith Whitney Says

But what about the rest of the city? You can buy a bunch of homes outside of downtown Detroit for under $500 and some are even listed at just $1.

Related: Detroit’s in Great Financial Shape…Compared to Puerto Rico

Problem is: these prices are incredibly misleading. The homes are in abysmal condition and there are few city services in and around these neighborhoods.

Related: Detroit: Give us six months, we'll give you a recovery

Detroit realtor John Lewis took us to the Brightmoor neighborhood to show us what these $1 Detroit homes are really like.

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