What Can You Buy for Less Than $1,000?

Last Updated Apr 26, 2011 4:45 PM EDT

"What Can You Buy" is a series that looks at what type of house and amenities you can get for a particular price point in various locations across the U.S. Be sure to check out each of the posts in the series: What Can You Buy for Around $125,000?, What Can You Buy for $5 to $10 Million?, What Can You Buy For $625,000?, What Can You Buy For $250,000?, What Can You Buy for $35,000? and What Else Can You Buy for $35,000?
This post was updated to add more properties on March 10, 2011.
Today's edition of the "What Can You Buy" series takes a look at rock bottom prices in the Midwest housing market. The mass exodus of manufacturing jobs throughout the region and the near collapse of the auto industry has magnified the pain of the Great Recession in the nation's breadbasket.

Members of the once-thriving Midwestern middle class are entering foreclosure proceedings in record numbers. In fact, no less than four states in the geographic area (Ohio, Illinois, Michigan and Wisconsin) are included in the Top 10 States Where Foreclosures Are On Sale.

Discounts are one thing, but can you really buy a home and land for less than $1,000? The following foreclosed and real estate owned (REO) properties listed for sale demonstrate that the $7 house we looked at last week, is more than a freakish occurrence.

Here's just a taste of what you can buy for less than a grand, courtesy of the folks at Trulia.

What Can You Buy for $1,250 in Indianapolis, IN?

4223 Kestrel Court, Indianapolis IN 46254

Fine, we're cheating a little bit. This one isn't quite under $1,000. But given that home values continue to sink like so many stones and this property has been listed for well over six months, another price cut may not be far in the future. This pre-foreclosure is an astounding value in an attractive subdivision. The 2,200 square foot house with three bedrooms and two bathrooms is large enough to accommodate a medium size clan.

What Can You Buy for $1,000 in Cleveland, OH?

5658 Hamlet Avenue, Cleveland OH 44127

Well it's not a house (yet), but with 4,791 square feet to work with, real estate bargain hunters have plenty of land to construct the home of their dreams. The surprising part is that the tract, which has dropped $400 in price just the last 30 days, is still available with no buyer in sight.

Trulia users rank the neighborhood a "5" (out of 5) in access to restaurants and shopping. And with an estimated mortgage payment of a mere $6 per month (just in case you don't have $1,000 laying around), there's very little risk.

What Can You Buy for $1000 in Chicago, IL?

1615 West Columbia Avenue, Chicago IL 60626

Maybe you're not the single family home type. Too much yard work, gutter cleaning and other responsibilities. How about a condominium? After a unsustainable building boom last decade, the Windy City market is positively glutted with foreclosed and unsold condos.

The building was originally completed in 1921, but the current appearance of this unit reflects a recently completed gut rehab initiative. The one bedroom, one bathroom space could be a really attractive bargain for young singles looking to make their first, low-risk real estate purchase.

What Can You Buy for $800 in Saint Louis, MO?

5215 Emerson Avenue, Saint Louis MO 63120

Be a homeowner for less than the standard monthly rent of a one-bedroom apartment. This petite domicile, measuring 802 square feet, was built in 1906. The property contains only one bedroom and one bathroom, which may offer some insight into the difficulty unloading it. Even small families might find those dimensions a tight squeeze. However, the bank-repossessed house sits atop an ample lot, so there is plenty of space to expand or start over from scratch. There are five schools situated less than 3/4 of a mile from the site so the neighborhood is very child-friendly.

What Can You Buy for $500 in Cleveland, OH?

8038 Cory Avenue, Cleveland OH 44103

This three bedroom, one bathroom, 1,096 square foot home was purchased for $85,000 way back in 2005. Now it can be yours for less than a car payment. The house clearly needs a lot of work, but for those who appreciate antiques, a little TLC may go a long way.

The property was built in 1900 in the Colonial style and also offers two stories of living space and a basement. The lot measures 0.06 acres in a neighborhood that Trulia users rank a "5″ (out of 5) for walkability, pet friendliness and safety.

What Can You Buy for $100 in Detroit, MI?

17512 Trinity Street, Detroit MI 48219

Another small home measuring 715 square feet, but the property manages to squeeze two bedrooms and one bathroom into those dimensions. The house sits on a quiet, tree-lined street in a low crime neighborhood, of particular concern to many when discussing the Detroit area. No one has come up with the Benjamin Franklin required to secure the home and lot yet, so if you're interested, act fast!

What Else Can You Buy for $100 in Detroit, MI?

13536 Artesian Street, Detroit MI 48223

We've said already that the state of Michigan has been particularly pinched in the extended economic downturn, led by the decimation of manufacturing and auto industry jobs. This once vibrant city of Detroit, home of Motown and Eminem, appears on the list twice. This bank-owned property nestled in the overzealous brush is in need of some landscaping work, but may be well worth the investment of 100 bucks. The home, built in 1946, measures 1,023 square feet on a low traffic thoroughfare with five public and private elementary schools less than one mile's commute away. The home features three bedrooms and one bath, making it an attractive choice for small families.

What do you think of the latest foreclosure/REO offerings in Midwest for less than $1,000?

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.
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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.