This is a view of the decaying property Montoya D. Phipps bought from the City of Petersburg for $5,000 and recently sold for $50,000. Location: 530-32 Fleet St., just across the Appomattox River from Virginia State University.
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Petersburg man lost dream, but made $45,000 profit
Montague D. Phipps had big dreams three years ago when he bought a derelict duplex from the City of Petersburg for the rock-bottom price of $5,000.
