For sale: Remodeled 2 bedroom, 1 bath home for just $150 and some creativity

HOUSTON -- A Texas home is now on the market in a very non-traditional way.

Homeowner and Realtor Michael Wachs says he loves his bungalow in Houston Heights, but he and his family want to move closer to his daughter's school.

KTRK reports the 1920s bungalow has 2 bedrooms, 1 bathroom, is recently remodeled, and measures just over 1,000 square feet.

"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," he told the TV station.

He put together a web site called 150house.com calling for entries. It costs $150 to enter and you must submit an essay of 200 words or less. The person with the best essay gets the home and must also pay the closing costs.

Wachs said he received so many submissions that the web site crashed within a few hours of going live, according to KTRK.

He estimates he'll need 3,000 applicants by mid-June to break even with the market value of the home which he estimates is around $400,000.

Read more and view photos of the home here.