I bought an abandoned mansion in Michigan for $1 and turned it into a $1.1 million treasure

A builder who bought a crumbling historic Michigan mansion for just $1 — and saved it from almost certain demolition — has revealed how he transformed the dilapidated property into a thriving apartment complex now on offer to the next savvy steward for $1.13 million.

Tucked into a beautifully preserved historic district just two blocks from Michigan’s beloved Depot Town, the meticulously renovated Gilbert Mansion is not only a stunning example of 19th-century residential architecture, but also an inspiring example of how hard work and ingenuity can earn a family millions.

But then builder Christopher White and his brother, Stevecame across the Ypsilanti property in 1986, it seemed anything but a lucrative investment, even with the nominal asking price of $1.

What others might have seen as an impending disaster, the siblings saw as a project of the greatest promise. After handing over their dollar bill, they proceeded to renovate it with the utmost care and attention, painstakingly restoring the most impressive original features while providing the home with many modern amenities.

While the duo’s restoration of the house has become the subject of local legend, the sacred origins of the property have long been recorded in the community’s history books.

Built in 1861—the same year President Lincoln called up 75,000 volunteer troops at the start of the Civil War—the brick mansion is a textbook example of the Second Empire Mansard style, complete with twin square towers, ornate bracketed cornices, and a patterned slate roof that has somehow outlasted almost everything around it.

However, by the mid-1980s, this grand dame had fallen on hard times. City officials in Ypsilanti had spent seven fruitless years trying to find a buyer for the “white elephant,” and unfortunately, demolition seemed the most likely option.

Windows were broken and boarded up, eaves were sagging and rotted, ornate brackets were falling off, bricks were crumbling, paint was peeling, window frames had deteriorated and the original front door was completely gone.

Then the two white brothers came up with a plan that saved the day for the stately parsonage.

“The city was working on proposals to find the property that best suited the community,” Christopher, who has owned the property for 40 years, tells Realtor.com®. “Someone suggested a bed and breakfast. Someone else suggested office space.”

Christopher and his brother had submitted their plan to turn the mansion into an apartment complex, but they believe it was probably the pedigree, and not the proposals, that likely won them the offer.

The Whites had already made a name for themselves renovating distressed historic properties in the area, including two homes on nearby Pearl Street in Ypsilanti that they had just converted into five- and seven-unit buildings.

Their track record spoke for itself and the city decided they would be the best stewards of the historic gem.

“We bought it in 1986 for one dollar, and that wasn’t a typo,” Chris recalls.

What followed was fourteen months of painstaking and arduous work.

The interior was stripped down to the studs: a complete gut, with two notable exceptions: the beautiful original hardwood floors were retained, and a rare Pewabic tile fireplace, a prized artifact of Detroit’s storied decorative arts tradition, also remained intact.

Everything else was built from scratch, including all new mechanicals, drywall and finishes.

On the outside, the Second Empire Mansard design has been restored to its original beauty. Inside, the common areas were kept in their historic configuration.

But the rest of the 8,000-square-foot building was carefully converted into seven luxury residential units, ranging from 800 to 1,200 square feet each.

The only element that did not require extensive restoration was the slate roof, which was still in near-perfect condition despite the weathering of more than a century of Michigan weather.

“As for the slate roof, it has stood the test of time and remains in excellent condition to this day,” reveals Chris.

The renovation also brought some intrigue. Rumors had long circulated that the Gilbert Mansion was connected to the Underground Railroad, and many believed that a tunnel ran between the Tucker House and the mansion. The Tucker House was associated with Preston Tuckerthe Ypsilanti-connected visionary behind the legendary Tucker ’48 car.

But while Chris and his brother searched endlessly for a tunnel during the renovation, “they never discovered any sign,” although he admits that “it was exciting looking for it.”

However, the tunnel was only one part of the house’s history, requiring the brothers to become experts in the house’s origins.

To carry out a first-class renovation, the White siblings had to conduct extensive research into the Second Empire style, which has its roots in the reign of Napoleon III, who undertook a major transformation of Paris starting in 1852.

The style reached its greatest popularity in the United States between about 1855 and 1885, especially in the Northeast and Midwest. Considered the height of fashionable modernity, it became colloquially known as the “General Grant style” due to its widespread use in federal buildings during the Grant administration.

The mansard roof is the defining feature of the style: a four-sided, double-sloped design, often highlighted by dormer windows. Other hallmarks of the style include elaborate bracketed cornices, ornate window hoods, decorative iron crests along the roofline, and—as prominently featured on the Gilbert Mansion—square towers that give the structure an imposing, castle-like silhouette.

Brick Second Empire homes such as the Gilbert Mansion are slightly rarer than their wood-clad counterparts due to the higher cost of masonry details. That makes the building’s survival and restoration all the more remarkable.

The renovation was notable enough to merit articles in both Crain’s Detroit Business magazine and the Ypsilanti Press.

Today the Gilbert Mansion, listed on LoopNetis a fully occupied, income-generating home with no vacancies. The seven units rent for between $1,050 and $1,575 per month.

Chris estimates that these rates are about 10% to 12% below current market value.

“Our tenants are primarily working professionals, from Ypsilanti to Ann Arbor and all the way from Detroit,” he said. “The only students we admitted were those seeking a master’s degree.”

That’s the kind of tenant profile that reflects both the quality of the renovation and the caliber of the neighborhood.

Because the property is currently occupied, the brothers were unable to take interior photos of the home for the listing, but the consistent rental history amply demonstrates how comfortable the tenants felt.

After 40 years and countless hours of hard work, the White Brothers are still on good terms, says Chris, noting that their decision to put the house on the market comes down to one very simple factor: “Time to retire!”

The duo has sold their many other projects over the decades, with the Gilbert Mansion being the last one still in their possession.

Chris has sage advice for anyone looking to follow in his footsteps by finding problematic properties and turning them into profitable historic treasures.

“The best advice is to be patient,” he says. “Good deals take time, with a lot of searching and a lot of offers. Do your due diligence and take your emotions out of the deal.”