The City of Toronto has got some rare news for prospective home buyers this Thursday. The city has announced that they are auctioning off three houses for way under the assessed value and you can score a home for as low as $92K. This type of Toronto house auction happens when the owner of the properties have failed to pay overdue property taxes as part of a process called Sale of Land by Public Tender.The three properties in question are going for way under what you will ever find available in this city in a regular search. These are such a steal in the city that has seen prices skyrocket over the past few years. The only thing is, you are not allowed to go into the house before buying. You can only do a quick drive-by. Most of these places are vacant and will require renovations and a complete overhaul, which is the catch to this deal. The cheapest one is at 56 Netherly Dr. in Etobicoke and is being auctioned off for $92,421.39. The original value of this home is assessed at around $457,000. It is a vacant residential home on a quiet street near Kipling and Steeles. This property is the one farthest away from the city's downtown core.From the view on Google Maps, you can see that the street view of this house is not the greatest since trees in the front yard cover the view of the house.\nHowever, for a price this low, it could be worth the renovations that would be needed.\nThe next-best priced house is in the Bloor-Ossington area, which is right in the city. This property's starting bid is $97,055.89, while the assessed value of the property is $775,000.\nGoogle Maps\nThe vacant property is located at 46 Carling Ave. and would need some TLC if acquired, but the location and the cheap price would definitely make it worthwhile. As you can see, it needs a lot of work. However, if you are willing to put in the effort, the value of this home will without a doubt skyrocket.\nThe final property being auctioned off is in the High Park neighbourhood, which is such a great area for families and is still so close to downtown. The address is 58 Laws St.It is going for $119,587.21, while the assessed value is $932,000. Again, the Google Maps view is obstructed by a giant tree in the front yard, so it is not the clearest image. You would have to drive by to see what it looks like.However, this is quite an upscale neighbourhood, which is obvious when you look at the neighbouring houses, so with some sprucing up, this place will no doubt be worth much more.\nIt is important to note that you have to buy at your own risk. However, these prices are probably the lowest you will find in the city and the gains can be huge. Good luck to all those interested. You can get more information on how to bid on Toronto's website. You can also get more information here.\n*Cover image for illustrative purposes only.\nThere are stories everywhere. If you spot a newsworthy event in your city, send us a message, photo, or video @NarcityCanada on Twitter and Instagram.