When the City of Cleveland approached the Cuyahoga Land Bank in May to renovate three homes as part of its ongoing Southeast Side Promise initiative, nobody could have expected that the first home would be bought up within a week of hitting the market.

But that’s precisely what happened.

A three-bedroom, one-bath home renovated on Milan Cres in Lee-Harvard, listed for $149,900, is now under contract almost immediately after being placed on the market.

The home is like-new. Renovations include a new roof, driveway, windows, furnace, air conditioning, plumbing and electrical systems. The floors and exterior of the house have been updated.

“It was a full-gut rehab,” said Jennifer Vazquez-Norman, director of real estate development for the Cuyahoga Land Bank. “We extended the life of the home.”

Read the full story on Crain’s here.