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10 homes you can buy for $5,000

Photo courtesy of Zillow

Believe it or not, there are actual, standing homes available right now for $5,000.

But buyers can often expect to get what they pay for. Homes at this price point cost almost 98 percent less than the national median home value, which is currently $200,400 according to Zillow. Before taking the leap on a $5,000 fixer-upper, it's critical to do your research and understand the risks.

These properties are typically sold as-is, and to make them livable, it's likely buyers will need to shell out some serious cash. You may discover that what you thought was a steal doesn't seem so great after factoring in the cost of a new foundation, roof, drywall, windows, flooring or other updates.

Find a good home inspector who can carefully examine the property from top to bottom, inside and out. Hire a real estate attorney who can confirm that the transaction is above-board.

Depending on your renovation budget, and the amount of time you're willing to invest, it's not impossible to find a hidden gem. In Cleveland, $5,000 can buy a 2,384-square-foot multifamily home. In Laguna Hills, California, it can buy a 500-square-foot condo with community pool access.

If you're looking to buy a property in this price range, whether as a full-time residence or investment, research the neighborhood and be on the lookout for red flags. Investigate local school performance, crime rates and home values. If you see too many potential problems, it might be better to look elsewhere.

Click ahead to see what kind of home can buy for $5,000 in 10 cities across the country.

Chicago, Illinois

Photo courtesy of Zillow

This six-bedroom, two-bathroom house on the south side of Chicago is for sale for $5,000. It last sold in January 2014 for $4,850, about 3 percent less than the current sale price. It was built in 1904 and is about 94 percent less expensive than the area's median home value of $82,200.

The 1,073-square-foot property is being sold as-is. It has a front porch, fenced-in front yard and two-car garage.

Anderson, Indiana

Photo courtesy of Zillow

This two-bedroom, one-bathroom house in Anderson, Indiana -- about 40 miles northeast of Indianapolis -- is for sale for $5,000. It last sold in January 2016 for $2,200, 56 percent less than the current sale price. It was built in 1945 and is about 93 percent less expensive than the area's median home value of $76,700.

The 672-square-foot home has been partially gutted by a previous owner. It has a front- and backyard, as well as a gravel driveway for parking.

Jackson, Mississippi

Photo courtesy of Zillow

This three-bedroom, one-bathroom house in Jackson, Mississippi is for sale for $5,000. It was built in 1959 and is about 85 percent less expensive than the area's median home value of $32,900.

The 1,008-square-foot home has a covered carport.

Syracuse, New York

Photo courtesy of Zillow

This four-bedroom, two-bathroom house in Syracuse, New York is for sale for $5,000. It was built in 1872 and is about 93 percent less expensive than the area's median home value of $72,700.

The 1,824-square-foot home has two porches and wood paneling.

Detroit, Michigan

Photo courtesy of Zillow

This four-bedroom, 1.5-bathroom house in the Jefferson Chalmers neighborhood of Detroit is for sale for $5,000. It was last sold at a foreclosure auction in September 2012 for an undisclosed price. It was built in 1919 and is about 93 percent less expensive than the area's median home value of $70,000.

The 1,903-square-foot house is being sold as-is. It has a sunroom, detached two car garage, a fireplace with built-in bookshelves and hardwood floors.

Cleveland, Ohio

Photo courtesy of Zillow

This five-bedroom, two-bathroom foreclosure in Cleveland's North Collinwood neighborhood is listed for $5,000. It was built in 1920 and is about 89 percent less expensive than the area's median home value of $43,500.

The 2,384-square-foot multi-family home has two units. It has two porches and brick fireplaces.

Laguna Hills, California

Photo courtesy of Zillow

This studio condo in Laguna Hills, California -- about 50 miles south of Los Angeles -- is for sale for $5,000. It was last sold in October 2009 for $23,642, nearly five times the current sale price. It was built in 1974 and is about 99 percent less expensive than the area's median home value of $347,200.

The 500-square-foot unit is located in the Laguna Woods Village community and comes with access to shared amenities such as classes, pools and a shuttle.

Milwaukee, Wisconsin

Photo courtesy of Zillow

This four-bedroom, one-bathroom house in Milwaukee is for sale for $4,800. It was last sold in October 2001 for $13,500 which is nearly three times the current sale price. It was built in 1895 and is about 91 percent less expensive than the area's median home value of $57,400.

The 1,172-square-foot house is being sold as-is. It has a front porch and a detached one-car garage.

Jeannette, Pennsylvania

Photo courtesy of Zillow

This three-bedroom foreclosure in Jeannette, Pennsylvania -- about 30 miles southeast of Pittsburgh -- is for sale for $4,900. It was built in 1930 and is about 94 percent less expensive than the area's median home value of $88,200.

The 1,351-square-foot house has a porch, fenced-in yard and a "newer furnace unit," according to the listing.

Columbus, Georgia

Photo courtesy of Zillow

This two-bedroom, one-bathroom house in Columbus, Georgia is for sale for $5,000. It was last sold in May 2014 for $15,219, about three times as expensive as the current sale price. It was built in 1930 and is about 93 percent less expensive than the area's median home value of $69,100.

The 1,396-square-foot home is "completely gutted to the studs," according to the listing.

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