There’ll soon be a family living in the home at 421 Rochester St., and the city of Fulton will bank a small profit from the sale.
City lawmakers Tuesday approved the sale of the home for $83,430 to Michael D. Smith.
It is the latest home to receive the city’s novel treatment of rundown structures that fall to the city when owners stop paying taxes.
City workers and contractors repaired the dilapidated home, inside and out.
Mayor Ron Woodward’s plan is to spend a little money to fix the homes and turn them back into one-family homes, then sell the home for a small profit, which will be plowed back into repairing more homes.
Every local government owns tax-foreclosed properties.Â The city of Fulton owns more than 100 properties, according to the county’s property tax database.
Usually, local government try to sell the home for the amount of taxes owed.Â But Woodward felt that those kinds of sales did not guarantee that the new owner would renovate the home and would prefer to run them as multi-family apartments in order to make money on the investment.Â He said he saw an opportunity to improve the quality of homes in those neighborhoods.
Woodward said the city will probably make $5,000 – $6,000 on the sale of the home.Â “We probably won’t do that on all of ’em, but we’ve done it so far,” he said.
The city took ownership of the home from Charles Dyer on April 2, 2009, one of 33 properties it picked up that day.
The home was valued at $45,000.Â It’s listed as a four bedroom, one-and-a-half bathroom, 2,300 square foot home first built 120 years ago.
The sale of the home is scheduled to close on October 14.