Cheap Detroit Houses Scooped Up By Investors Can Be Costly For Communities, Bad News For Buyers
By Nick Carey
DETROIT, July 3 (Reuters) - The solid red brick house on a block of similar homes in Northwest Detroit sounds like a steal at $3,728.
But in many ways, it's a lemon.
The house, sold at an auction last fall, sits at the edge of Detroit's infamous urban blight. And scrap thieves, or "strippers," have taken anything of value, including the kitchen sink and metal pipes, requiring repairs of up to $15,000.
"You could take a great picture of this house, put it online and make buyers ... think it's a good thing," said Ant