DETROIT, Michigan (CNN) -- Jeremy Burgess likes the location and layout of the three-bedroom, one-and-a-half bath home in the Grandmont neighborhood of Detroit, Michigan.
This home in Detroit, Michigan, was bought for $12,000 and sold the next week for a $5,000 profit. The home is large for the area, around 1,600 square feet. By far the most attractive feature for Burgess is the price. While he says it may appraise at around $110,000, he bought it on March 11 for a mere $12,000.