$114,999

5035 Philip Street – 48224

Detroit, Michigan 48224

Chandler Park-Chalmers Neighborhood

3 Beds

1 Baths

1158 Sq FT

$99.31 Price per Sq Ft

Highlights

NoGarage

About This Home

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.

Listing Agent

Elijah Cook

KW Metro

Listed on : May 15, 2026

Co-Listing Agent

Dashayla Walker

Activity

Days on Market:

Home Details

Home Type

Residential

Est. Annual Taxes

$1,007

Year Built

Built in 1940

Lot Details

0.09 Acre Lot
Lot Dimensions are 40X101.2

Parking

NoGarage

Home Design

Interior Spaces

1,158 Sq Ft Home

Kitchen

Flooring

Bedrooms and Bathrooms

3 Bedrooms
1 Bathrooms

Laundry

Finished Basement

Home Security

Pool

Outdoor Features

Location

DetroitCity_Wayne, Michigan
Wayne County
Postal Code: 48224

Utilities

ForcedAir, NaturalGas
Water Source: WateratStreet
Sewer: PublicSewer, SewerAtStreet

About the Showing Agent

Hassan Scheib

Own It Realty

313-395-0000

Contact Hassan

As a leading Real Estate investment broker, native Detroiter, and family man, Hassan Scheib commands a firm grasp of investing in the Detroit Metro area. His experience and native intuition have led him from success to success as he has overseen property sales, acquisitions, inspections, construction, and tenant placement. Hassan combines keen business acumen, finance know-how, transparency, and ethics with every deal, and he is skilled in Portfolio Sales, Investor Relations, Strategic Planning, Marketing & Management. Above all else, he understands that the client is at the center of the deal and knows how to listen to their needs, roll up his sleeves, and offer them first-class customized service. Committed and attentive, Hassan is always ready to dip into his expansive professional network, industry experience, care, and meticulous attention to detail to help clients reach their goals.

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