I have seen that. Even $20 is expensive for SOME houses in Detroit. You have to ask why they are vacant even at that price though.
Its a shame.
I got the cash in my pocket to buy 60 right now, but whats the catch
There's no catch at all. Other than the fact the houses are in Detroit.... And the worst areas of Detroit, at that. Which is to say they're in one of the parts of Detroit that is completely unlivable. No police coverage, minimal fire coverage, emergency medical response is typically measured in hours, open crime, any reputable insurance company will instantly deny you any coverage based on your zip code, no nearby grocery stores, no trash pickup... Power outages often measured in weeks... And the list goes on. Hell, you can't even order a Pizza delivery in some neighborhoods. Provided you found a functional phone line or cell coverage to make the call in the first place.
If you picked up that house and moved it 10 miles north, into Oakland County, it'd be worth $150,000. 20 miles west, into Washtenaw County, it's worth $120,000. 10 miles south, into Downriver Wayne County, it's worth $80,000. (10 miles East? I'm not real sure -- it'd be in Canada!) But in a bad area of Detroit? Completely worthless. You'd have to pay me an awful lot of money to even attempt to live there. (I bought an $80,000 house Downriver, rather than a $10 house 10 miles north of me.) That really puts it in perspective just how much people who know DON'T want to live there.