This house could be yours for the bargain price of $150

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HOUSTON HEIGHTS, Texas (KTRK/CNN) — It’s a house in an upscale Houston-area neighborhood that’s valued at nearly $400,000.  So why is one family offering to sell it for the bargain price of $150? There is a catch.

Michael Wachs owns the bungalow in the fashionable Houston Heights neighborhood.

But he wants to move his family closer to his daughter’s school.

Wachs is a realtor. But rather than simply list the two-bedroom house, he decided to host an essay contest with a $150 entry fee.

“This is the only method that we can think of that we could get our money back and also give a chance to someone to start a new life or build a home right in the city,” Wachs told Houston TV station KTRK.

Each essay has to be 200 words of less. The writer of the winning essay gets the house, which is just over 1,000 square feet, plus closing costs.

Wachs says he’ll need about 3000 applications by mid-June to part with the house at market value. But with the amount of attention the contest is getting, he could well exceed that number.

He says he is prepared to read a lot in the next few weeks.

To see more pictures of the house and submit an entry for a chance at winning it, click here.