5035 Philip ST Detroit, MI 48224
UPDATED:
Key Details
Property Type Single Family Home
Sub Type SingleFamilyResidence
Listing Status Active
Purchase Type For Sale
Square Footage 1,158 sqft
Price per Sqft $103
Subdivision Jefferson Park Land Co Ltd 1
MLS Listing ID 20261031374
Style Bungalow
Bedrooms 3
Full Baths 1
Year Built 1940
Lot Size 3,920 Sqft
Acres 0.09
Property Sub-Type SingleFamilyResidence
Property Description
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
Area Area05055Detconmorsgrathstn7Mack
Rooms
Basement Unfinished
Entry Level, 16 X 12 LivingRoom
Entry Level, 7 X 8 BathFull
Entry Level, 12 X 11 Kitchen
Entry Level, 12 X 11 Bedroom
Entry Level, 11 X 9 Bedroom
Second Level, 14 X 21 PrimaryBedroom
Entry Level, 9 X 11 DiningRoom
Interior
Heating Forced Air, Natural Gas
Fireplace No
Exterior
Parking Features NoGarage
Pool None
View Y/N No
Garage false
Building
Foundation Basement, BrickMortar
Sewer Public Sewer, Sewer At Street
Water WateratStreet
New Construction No
Schools
School District Detroit
Others
Senior Community false
Acceptable Financing Cash, Conventional, WarrantyDeed
Listing Terms Cash, Conventional, WarrantyDeed
Special Listing Condition ShortSaleNo, Standard
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