Location, Location, Location
Here's a 5 bedroom, 5 bathroom, 3,000 square foot house in Flint, Michigan for $74,900. With a 20% down payment, and a 30-year mortgage at the current rate of 5.13%, the monthly payments would be $326.44 (principal and interest). It was built in 1928 and last sold in 2001 for $225,000.
HT: Flint Expatriates Blog