COLDWATER, MI (WTVB) – A run down home that was purchased by the City of Coldwater during a 2016 tax sale and later rehabilitated is now ready to be sold.
The Coldwater City Council will be asked Monday night to approve the sale.
City Manager Keith Baker says in his report for Monday’s City Council meeting that an offer of $138,500 has been made on the three bedroom, two bathroom home at 31 Pelton Avenue. After closing costs, Baker says the city will net $132,000.
While the city has put $145,000 into the cost of the property and there is a net loss projected on its sale, Baker says the cost to demolish the home would have equaled or exceeded the projected loss. In addition, the renovated home will generate about $3,000 in property taxes annually and will help with the property values in the neighborhood.
The renovations on the property included a new two car garage and a concrete driveway.
