Assessed value is often very different from the actual/sale value of a home because it refers to the value that the home is taxed on and is subject to all sorts of limits depending on where the home is and which laws it’s subject to. For example in some states assessed value can’t increase above a few percent a year unless the home is rebuilt.
Yeah it’s more accurate to look at the sale/listing price history. That shows that this house was listed as high as $599k in 2018 and dropped as low as $249.5k before it was taken off the market in 2019 with no sales. So theoretically it would have been bought for less than $250k but the seller wasn’t willing to sell that low and may be waiting until the market in Detroit appreciates before putting it back on the market.
Not quite that crazy. The $52,200 is the assessed value for property taxes which is typically much lower than the true value of the house that it would sell for.
💀
Assessed value is often very different from the actual/sale value of a home because it refers to the value that the home is taxed on and is subject to all sorts of limits depending on where the home is and which laws it’s subject to. For example in some states assessed value can’t increase above a few percent a year unless the home is rebuilt.
Yeah it’s more accurate to look at the sale/listing price history. That shows that this house was listed as high as $599k in 2018 and dropped as low as $249.5k before it was taken off the market in 2019 with no sales. So theoretically it would have been bought for less than $250k but the seller wasn’t willing to sell that low and may be waiting until the market in Detroit appreciates before putting it back on the market.
Lol $52,200 estimated sale value with $2380 rent value.
That’s how batshit crazy real estate is right now wtf
Not quite that crazy. The $52,200 is the assessed value for property taxes which is typically much lower than the true value of the house that it would sell for.
It’s in the middle of Detroit. Even at 50k, you’ll lose money on that investment.