REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 119,999
Est. payment /mo
New
5035 Philip Street Detroit, MI 48224
3 Beds
1 Bath
1,158 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 1,158 sqft
Price per Sqft $103
MLS Listing ID 20261031374
Bedrooms 3
Full Baths 1
Year Built 1940
Annual Tax Amount $1,007
Lot Size 3,920 Sqft
Acres 0.09
Lot Dimensions 40X101.2
Property Sub-Type Single Family Residence
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.
Location
State MI
County Wayne
Direction N OF WARREN/ E OF CHALMERS
Interior
Heating Forced Air
Exterior
View Y/N No
Garage No
Building
Story 2
Sewer Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W21I060531S
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by KW Metro
NEARBY SCHOOLS & PROPERTIES