This website uses cookies to ensure you have the best experience. Learn more

Affordable Housing In Detroit Michigan Essay

932 words - 4 pages

In today’s volatile real estate market what was once a solid investment, real estate, no longer is the financial safe haven that it once was. Many of the distressed properties have been completely exploited. These properties have been completely stripped of fixtures, plumbing, wiring, and are merely shells. One area that has an excess of such properties available is Detroit Michigan, which will be the focus of this hypothetical exercise and essay. Affordable housing is always needed, regardless of it is through a standard lease on a “rent to own” basis. By pairing what is a surplus of low cost housing available for sale with a housing demographic in dire need, a social contribution and financial profit can simultaneously be made.

Detroit Michigan has an abundance of distressed properties available for under $1,000 (I actually purchased one myself on EBay for $1,400). With an 11 month time frame, it is very possible to turn a profit and contribute to the housing needs of a struggling community and underprivileged demographic. By the 11th month there will be 10 homes that can be rented or sold to low income residents or other interested buyers. The $150,000 has to be divided in such a way that it is always earning interest. Although a reference is being made to this financial fact and practice, there will be no calculations of the interest applied to the monetary totals in this exercise/essay for the sake of simplicity and brevity. $45,000 of the $150,000 grant will be placed in a 10 month certificate of deposit. If necessary that asset can be leveraged for a line of credit to address any unforeseen occurrences. The $105,000 will be divided into smaller certificates of deposit that mature at various times that correspond with the completion and/or initiation of various project phases. There will also be a business account and limited liability corporation established.

The first two months are consumed by the purchasing process. We will purchase 10 small homes for $500 each (similar to the one I bought). The closing costs are minimal as they will be secured with Warranty Deeds. Each closing will cost $375 which includes Warranty Deed registration and title insurance. In total $8750 will be spent on the acquisition of 10 properties. Each of the Detroit properties is 1000sf or less, and is usually 2 or 3 bedrooms with 1 bathroom. Each property selected, though it may be completely gutted, will at least be structurally sound.

[Please visit and select Detroit, Michigan with a housing range of $500 or less to see the wide selection of purchase options.]

The Detroit area is full of resale warehouses that specialize in used appliances, doors, windows, sinks, toilets, and other items that will make the materials portion of the renovation process...

Find Another Essay On Affordable Housing in Detroit Michigan

Affordable Housing Crisis Essay

1177 words - 5 pages Affordable housing in the United States describes sheltering units with well-adjusted housing costs for those living on an average, median income. The phrase usually implies to applied rental or purchaser housing within the financial means of lower-income ranges specific to the demographics of any given area. However, affordable housing does not include those living in social housing owned by government and non-profit organizations. More

Foreclosure Crisis In America Essay

1118 words - 4 pages Detroit, with the efforts to negate the current standings, they provided housing aid. According to the housing statistic, the housing aid drew crowds in Detroit. “One in four working-age adults in Detroit are without a job and the city’s home foreclosure rate continues to be among the nation’s highest.” The article states that thousands lined up in order to get assistance with housing and utility payments. So many people showed up for the assistance

Development in Detroit: Piecing together a once prosperous city to restore former glory - IBDPI - Essay

1101 words - 5 pages Discuss possible strategies for Detroit to work towards being a successful urban area once again. Phoebe Nadenbousch Facing the largest urban bankruptcy in America, over 40,000 housing demolitions and a massive exodus of people Detroit is a city in need of rejuvenation. Once it was the manufacturing heart of the America during World War II, dubbed the ‘arsenal of democracy’ and even earlier a key player in the technological revolution. Now

Boston University and Life in Ann Harbor

1220 words - 5 pages small city in a suburban setting and is primarily a residential campus.” This quote sums up the overall feel of the campus at Michigan, a small suburban town outside of Detroit. This can be contrasted with the city atmosphere of Boston University. With the metropolis of Detroit less than an hour’s drive away, and with a pleasant suburban setting, Ann Arbor offers both styles of living. The Boston University official website describes the campus

Community and Economic Development

2039 words - 8 pages Using Community and Economic Development to Promote Growth The recent financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It was caused by the housing bubble that disguised risk and had other various enabling conditions that resulted from bank deregulation. From these circumstances, many cities like Detroit saw a sharp increase in foreclosures and abandoned housing which

homeless children in michigan

825 words - 4 pages population increases the funding for each student decreases and this leaves some districts strapped for cash. This means less teaching resources including books, teachers and sometimes buildings. Recently, Detroit Public Schools took a major hit with funding issues and dozens of schools were closed. In 2009, President Obama amended the McKinney-Vento Act by signing the Homeless Emergency Assistant and Rapid Transition to Housing (HEARTH) Act. The


915 words - 4 pages Michigan is the state in the East North Central United States. It is different from other states because it consists of two peninsulas completely separated by water and bordering on four of the five Great Lakes. Between Lakes Michigan and Huron is the Straits of Mackinac, which separate Michigan's two peninsulas. The Detroit and Saint Clair rivers border the Lower Peninsula on the east by Lakes Huron, Saint Clair, and Erie and, all of them

Thomas Edison

1223 words - 5 pages wiring for the battery. Tom then got into the concrete business. He made affordable housing. He even made the original Yankee Stadium. Tom and Ford stayed friends; they even had vacation homes in Florida. They would go on vacations with famous people and even President W. G. Harding. In 1915, when WWI was about to start Tom became the head of the Naval Consulting Board. He was offered a service medal after the war, but he refused it. With his wife

Detroit: The Fallen City

1220 words - 5 pages Detroit: The Fallen City The city of Detroit, Michigan has always been known as the motor city for its car plants, a.k.a. “The Big Three” and Motown records, a.k.a. “Hitsville U.S.A.”. These are just some of the many things that made Detroit one of the thriving and driven cities within the United States. But as the saying goes, all good things must come to an end Detroit knows this hardship all too well. Detroit a city that once flowed with

University of Michigan Media History

1134 words - 5 pages . Michigan was one of the first schools to start using radio and television to broadcast their games and is now at the top with social media and tracking trends of the population during their athletic competition. The University of Michigan was created by the Land Grant Act in 1817. Back then it was known as the Catholepistmiad, or the University of Michigania. The school was located in the city of Detroit and was a one building school there. It was not

St. Anne's Catholic Church

887 words - 4 pages a Catholic Church originally known as Ste. Anne de Detroit Catholic Church. St. Anne’s was founded on July 26, 1701 and is the second oldest operating Roman Catholic Church in the United States. Father Gabriel Richard played a major role in St. Anne’s impact in the city. Father Gabriel Richard arrived in Detroit in 1796 and soon thereafter helped found a school which evolved into the University of Michigan. Father Gabriel Richard was an

Similar Essays

“Affordable Housing In Queensland Is A Myth” A Report On Housing Problems And Issues In Queensland

1495 words - 6 pages "AFFORDABLE HOUSING IN QUEENSLAND IS A MYTH"A REPORT ONHOUSING PROBLEMS AND ISSUES IN QUEENSLANDAffordable housing in Queensland is a myth: Housing problems and issues in QueenslandTABLE OF CONTENTSList of tablesExecutive summaryIntroductionWhat is affordable housingResearched materialCurrent Issues and problemsHomelessnessPovertyHousing costs and affordabilityRental affordabilityHousehold affordabilityHome purchase affordabilityHome purchase

Urban Renewal The Rebirth Of Detroit

1843 words - 7 pages , Urban live and make neighborhoods, urban green neighborhoods, and traditional neighborhoods are neighborhood type tables that lay out framework zones and development types that are well-suited to the city. For instance, in a “Live and Make neighborhood, the most appropriate form of residential development is limited to the adaptive reuse of industrial buildings for new multi-family residential housing” (Detroit Future City, 2014). This development

Affordable Housing: Prevent Homelessness C229 Paper

3164 words - 13 pages discussion will be: Safe, Affordable, Quality Housing with a focus specifically being on prevention of homelessness within an at-risk population. The at-risk population in my community are those in the low to mid income level whose housing costs are more than 50% of their income and are considered to be experiencing a severe housing cost burden. County Demographics Calhoun County is located in southern Michigan, midway between Chicago and Detroit

“The Origins Of The Urban Crisis: Race And Inequality In Postwar Detroit” Author: Thomas J. Sugrue Msu 882/Ead 882 Critical Analysis Paper

1008 words - 5 pages The Book, “Origins of the Urban Crisis: Race and Inequality in Postwar Detroit”, written by author Thomas J. Sugrue, is a major literary work of urban history. Sugrue discusses and interprets major economic principals, social conditions and strategies implemented by the federal government that had significant impacts on the African American race in Detroit, Michigan during the early twentieth century. Sugrue argues that deindustrialization