5035 Philip Street, Detroit, MI 48224

• 3 beds |
• 1 bath |
• 1,158 sqft

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.

Listing Status:

Active

Data Last Updated:

May 20, 2026 at 7:41AM

Listing Office:

KW Metro : 2482883500

Listing Agent:

Elijah Cook : 3136946970

MLS ID:

20261031374

Interior

• Basement: Unfinished
• Heating: Forced airNatural gas

Exterior

• Style: Bungalow
• Pool: None
• Parking: No garage

Construction

• General: BrickOneAndOneHalfBasementBrick mortar

Location

• Road/Access: Paved
• Originating MLS: Realcomp II Ltd
• School District: Detroit
• County: Wayne

Lot

• Zoning: W PHILIP 853 JEFFERSON PARK LAND CO LIMITED SUB NO 1 L50 P78 PLATSW C R 21/755 40 X 101.20W21I060531S

Utilities

• Water: Waterat street
• Sewer: Public sewerSewer at street

Financial

• Source: Realcomp II Ltd