Address
5035 Philip Street, Detroit, MI
Price
$ 110,999
Property Attributes
- MLS#60994285
- TypeSingle Family
- Listing Status Active
- CountyWAYNE
- CityDetroit
- AreaDetroit
- NeighborhoodJefferson Park Land Co Ltd 1
- Zip48224
- StyleBungalow
- Year Built1940
- Taxes$ 1007
- Price$ 110,999
- Bedrooms3
- Full Bathrooms1
- Half Bathrooms0
- Sqr Footage1158
- Lot Size0.09 Acres
Data Source:
MiRealSource (MIRS)
Property Description
Updated property. Paying tenant. Immediate income. That's the kind of deal investors look for before somebody else grabs it. With Cash Flow Already Moving. This one is for the buyer who wants income without walking into a project. Fully remodeled in 2025 and already tenant-occupied at **$1,150/month** with a lease in place through "August 2026." That's **$13,800/year in gross rental income** from day one. Inside, the heavy lifting has already been done: updated kitchen, new cabinets, fresh tile, modern appliances, and clean finishes that today's tenants actually want. No guessing. No "maybe it rents." The tenant is already there and paying. For investors, the cap rate will depend on the final purchase price and expenses, but the math starts strong with a steady monthly income already in place. Bring your numbers and run them. This could be a solid addition to the portfolio. Location is another big plus. You're in an improving east side pocket with quick access to the Ford Freeway, roughly "15 minutes to Downtown Detroit", minutes from "Chandler Park", close to "Grosse Pointe," and a short drive to waterfront spots, shopping, dining, and everyday amenities. Updated property. Paying tenant. Immediate income. That's the kind of deal investors look for before somebody else grabs it.
| Price History | |
|---|---|
| 5/19/2026 | Listed $119,999 |
| 5/28/2026 | 5$114,999 |
| 9/14/2026 | 4$110,999 |
General Features
| Heating | Forced Air |
|---|---|
| Kitchen Level | Entry |
| Possession | Subject To Tenant Rights |
| Water | Public Water at Street |
| Status | Active |
| Full Baths | 1 |
| Bathrooms | 1 |
| Year Built | 1940 |
| Subdivision | Jefferson Park Land Co Ltd 1 |
| Style | Bungalow |
| County | Wayne |
| Class | RESIDENTIAL |
| Type | Single Family |
| Ownership | Private |
| Associated Document Count | 2 |
| Status | Active |
| Subdivision | MI |
| Sale/Rent | For Sale |
| Manufactured Y/N | No |
| Structure Style | 1 1/2 Story |
| Subj to Short Sale Apprvl | No |
| Home Warranty Y/N | No |
| Area | Detroit (82001) |
| Primary City | Detroit |
| Directions | N OF WARREN/ E OF CHALMERS |
| City | Detroit |
| School District | Detroit City School District |
| Lease Y/N | Yes |
| Originating MLS | RealComp |
| Source MLS | MI Real Source |
| Financial Terms | Cash,Conventional |
| Legal Description | W PHILIP 853 JEFFERSON PARK LAND CO LIMITED SUB NO 1 L50 P78 PLATS,W C R 21/755 40 X 101.20 |
| DOM | 125 |
| Postal Code | 48224 |
| Price Per Sq Ft Total AG | 95.85 |
Interior Features
| Dining Room Level | Entry |
|---|---|
| Living Room Level | Entry |
| Basement | Unfinished |
| Bedroom 3 Level | Entry |
| Bedroom 1 Level | Second |
| Bedroom 2 Level | Entry |
| Kitchen Length | 12 |
| Living Room Length | 16 |
| Bedroom 2 Width | 9 |
| Bedroom 3 Width | 11 |
| Dining Room Width | 11 |
| Bedroom 2 Length | 11 |
| Living Room Width | 12 |
| Bedroom 3 Length | 12 |
| Dining Room Length | 9 |
| Kitchen Width | 11 |
| Beds | 3 |
| Fireplace? | No |
| Total Rooms | 7 |
| Bedroom 1 Length | 14 |
| Bedroom 1 Width | 21 |
| Below Grade SqFt | 937 |
| Above Grade SqFt | 1158 |
| Basement Y/N | Yes |
| Total SqFt Finished | 1158 |
| Bathroom 1 Length | 7 |
| Bathroom 1 Width | 8 |
Exterior Features
| Exterior | Brick |
|---|---|
| Frontage | 40 |
| Lot Size Area | 0.09 |
| Pool (Y/N) | No |
| Lot Dimensions | 40X101.2 |
| Roads | Paved Street |
| FOUNDATION TYPE | Basement |
| SEWER/SEPTIC | Public At Street |
| Waterfront Y/N | No |
| Garage Y/N | No |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 48224
Price
Taxes
Year Built
Visits
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