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Detroit has many schools for sale. Is it possible to get a mortgage to convert one into a house?

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October 12 2010 - Detroit
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Profile picture for shapiroamg
Perhaps the city or the city development angency has some attractive terms for people looking to buy city owned property. Might be worth asking around. Perhaps starting with the develpment agency or a city couselor's office.
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October 12 2010
Mortgages are based on loan to value. Value is determined by "like" property comparable sales. Probably going to be extremely difficult to get comps.
Good luck.
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October 12 2010
Profile picture for sunnyview
You'd have to check with your zoning office to see how they feel about it. I have known people that have converted churches to residences with few issues, but it really depends on the structure itself and the attitudes of the planning/zoning department.

I think repurposed buildings are great so it's worth asking about if you're interested.
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October 12 2010
 
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