(CBS News) Looking for a fixer-upper? Detroit has a deal for you.
The bankrupt city is auctioning off vacant properties at BuildingDetroit.org, part of the beleaguered metropolis' plan to battle urban blight. The homes will start with bids of $1,000, with a new property going up for auction each day.
If it sounds like a dream, then you'd better read the fine print. For one, BuildingDetroit cautions that "the rehab cost will often cost more than the winning bid price." While the homes often look cheerful from the outside, photos posted with the listings show some major problems, such as missing furnaces and water heaters and ripped-out kitchens.
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