DETROIT, Michigan (CNN) -- Jeremy Burgess likes the location and layout of the three-bedroom, one-and-a-half bath home in the Grandmont neighborhood of Detroit, Michigan.

The home is large for the area, around 1,600 square feet. By far the most attractive feature for Burgess is the price. While he says it may appraise at around $110,000, he bought it on March 11 for a mere $12,000.

"I'm selling it next week to an out-of-state investor for a little over $17,000," he says.

His company, Urban Detroit Wholesalers, buys, renovates, then flips or rents homes in Detroit, something that may seem foolhardy to some observers in one of the most economically depressed cities in the nation.

But Burgess, who started the company in 2007 with partner Jared Pomranky, says Detroit is a great place for real estate investment.

"Detroit to me is like the wild, wild West," he says, "You can't get cheap land in the West anymore. The cheap land is in the Midwest now."

To view the full text of this article click on the link above.