• Price of this home: $19,900
• Last sold for: $91,367 at auction

Home prices in Detroit, and in this neighborhood in particular, are among the lowest in the country. It's hard to keep housing markets humming in a city whose population is shrinking. Detroit had 25% fewer residents in 2011 than it did in 2000.

With sellers plentiful and buyers scarce, home prices have gotten crushed. Livable homes in this east side neighborhood often sell for $10,000 or less. Many are foreclosures.

Watch: Fontana, Calif.: Where foreclosures are being snapped up

But some see this as an opportunity. John Kurczak, listing agent for this property, said investors, often contractors, are buying up inexpensive foreclosures in the neighborhood. They do a quick rehab, with plans of renting them out.

"There are no buy-and-flip investors in Detroit," he said.

Priced at $19,900, this brick bungalow is in good condition. It features hardwood floors, new wiring and windows and a huge cedar closet.

For further information: Trulia

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