Price Reduction - Waterfront
Address
5035 Philip Street, Detroit, MI
Price
$ 110,999
Property Attributes
- ID#20261031374
- TypeSingle Family
- Listing Status Active
- CountyWAYNE
- CityDetroit
- AreaDet Con Mors Grat Hstn7 Mack
- 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:
RealComp
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
| Sewer | PublicSewer, SewerAtStreet |
|---|---|
| Heating | ForcedAir, NaturalGas |
| Possession | SubjectToTenantRights |
| Garage Spaces | 0.0 |
| Architectural Style | Bungalow |
| Pool Features | None |
| Construction Materials | Brick |
| Year Built | 1940 |
| Levels | OneAndOneHalf |
| Property Subtype | SingleFamilyResidence |
| County | Wayne |
| New Construction | No |
| Property Type | Residential |
| HOA | No |
| Attached Garage | No |
| Subdivision Name | JEFFERSON PARK LAND CO LTD 1 |
| Garage Y/N | No |
| Total Rooms | 6 |
| Full Baths | 1 |
| Status | Active |
| Directions | N OF WARREN/ E OF CHALMERS |
| City | DetroitCity_Wayne |
| Disclosures | TaxesNotHomesteadExempt |
| Entry Location | GroundLevelwSteps |
| Senior Community Y/N | No |
| High School District | Detroit |
| MLS Area | Area05055DetConMorsGratHstn7Mack |
| Lot Size Units | Acres |
| Carport Y/N | No |
| Land Lease Y/N | No |
| Tax Annual Amount | 1007.0 |
| Home Warranty Y/N | No |
| Lease Renewal Y/N | No |
| Additional Parcels Y/N | No |
| Lease Considered Y/N | No |
| Rent Control Y/N | No |
| Standard Status | Active |
| Occupancy Type | Tenant |
| Tax Assessed Value | 9065 |
| Expected Active Date | 2026-05-19 |
| MobileHomeRemainsYN | No |
| PostalCity | Detroit_Wayne |
| 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 |
Interior Features
| Basement | Unfinished |
|---|---|
| Basement (Y/N) | Yes |
| Air Conditioning Y/N | No |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Above Grade Finished Area | 1158.0 |
| Total Bedrooms | 3 |
| LivingAreaSource | Estimated |
| Above Grade Finished Area Unit Type | SquareFeet |
| Total Baths | 1 |
Exterior Features
| Parking Features | NoGarage |
|---|---|
| Water Source | WateratStreet |
| Foundation Details | Basement, BrickMortar |
| Spa | No |
| Lot Dimensions | 40X101.2 |
| Lot Size Acres | 0.09 |
| Waterfront Y/N | No |
| Road Frontage Type | Paved |
| Crops Included Y/N | No |
| Horse Y/N | No |
| Irrigation Water Rights 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
IDX provided courtesy of Realcomp II Ltd., via Berkshire Hathaway HomeServices The Loft Warehouse - Detroit and The Originating MLS(found above), © 2026 Realcomp II Ltd. Shareholders. Shareholders. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data is updated as of September 22, 2026 1:03 AM UTC Information deemed reliable but not guaranteed.
The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) Program of Realcomp Ltd
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