Most historic properties do have a restoration tax credit for properties built before, I think 1920s. Research Michigan historic property tax credits. This should help you more than being in the NEZ.... more
John, Because you've already viewed the home and spoken to the agent you may not be able to have a Buyers Agent work for you on this home. This is one of the top errors home buyers make. Any Buyers Agent now would have to contend with Procuring Cause http://www.ired.com/news/2000/0008/moneysecret.htm
Purchasing a home must be a business decision, please take a moment to review some of the forms used in Michigan http://www.mi-living.com/index.cfm?pageid=1619 so you can make an informed decision.
The home looks wonderful and was originally priced at 975,000. Because this is a very unique home, comparable sales might be very difficult to find. Were you able to view the City of Detroit Inspection report required for any home being sold? I believe this must be less than 6 months old to be valid. There are two choices available, either the home seller must complete all repairs and pass inspection or the buyer must sign an Affidavid of Compliance and Responsibility (ACR) stating they swear to have repairs completed within 6 months. Who do you think should pay for any repairs to this house? How many items might not be up to current code in a 1915 home?... more