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When I visit a place like D.C., people often say they've heard you can buy a house in Detroit for $1 or $500 or $5,000. Then they ask what kind of house they can get for that kind of money.
Well, Business Insider has provided a video tour of some of those homes and has a couple Realtors talking about the advantages and disadvantages of buying one.
Dan Elsea, president of Real Estate One, says you can get the homes for $1, $5 or $100, but he urges caution.
"From the outside they look OK, but from the inside they've been gutted," he says.
Elsea says, sure, you can buy a better home for $5,000 but the city will often assess the property for tax purposes at $60,000, so you'll end up with high taxes.
