Pending
487 PHILIP Street, Detroit, MI 48215
$274,900
MLS # 20240072122 (Realcomp)
Built 19190.12 acres
1 / 23
Listing Description
GREAT INCOME PROPERTY. LOCATED IN A HIGHLY UPCOMING DESIREABLE AREA. PROPERTY HAS BEEN REHAB FROM TOP TO BOTTOM. (AS YOU CAN SEE IN THE PHOTO'S) IMPECCABLY PUT TOGETHER. IT WAS RECENTLY USED AS AN AIRBNB. BOTH UNITS ARE TOTALLY FINISHED AND ALL FURNITURE AND APPLIANCES WILL REMAIN. WALK RIGHT INTO A GREAT INVESTMENT. TURNKEY READY
Source: SparkMLS
About this home
2-bath home in East Riverside in Detroit built in 1919.
Listed at $274,900.
Annual property taxes run approximately $488 ($41/month). Estimate is based on county assessor records and current millage rates; actual tax may vary with PRE status and recent assessment changes.
Electric service is provided by DTE Electric Company; natural gas by DTE Gas Company. Fiber internet is available at this address with download speeds up to 5,000 Mbps across 8 providers.
Listing Property Details
Property TypeMulti Family
Bathrooms2
Lot Size0.12 acres
Year Built1919
Location
CityDetroit
Zip Code48215
CountyWayne
School DistrictDetroit
Construction & Systems
ConstructionBrick
HeatingForced Air
WaterPublic
SewerPublic
Sale & Financing
Listed9/24/2024
Original Price$299,900
Terms AcceptedCash, Conventional, FHA, VA Loan
Source: SparkMLS
Tax Information
Annual Tax$630
Tax Year2025
State Equalized Value$7,600
Assessed Value$7,600
Parcel #21060810.
Source: Public Records
Legal Description
Property exempt from Ad Valorem taxes and assessed on the Special Act Roll pursuant to PA 261 of 2003 expiring 12/30/2025. W PHILIP 114 LAKEWOOD PARK SUB L27 P55 PLATS, W C R 21/382 35 X 146.19A
Property Records
FEMA Flood Zone: Zone AE — 100-year floodplain
Flood insurance required for federally backed mortgages
Source: FEMA NFHLUSDA Rural Development: Not Eligible
Verify eligibility at USDAListed by Michael A Eaton
Estate #1 Realty Group LLC
Frequently Asked Questions about 487 PHILIP Street, Detroit, MI 48215
Which school district serves 487 PHILIP Street, Detroit, MI 48215?
Per MLS# 20240072122, 487 PHILIP Street, Detroit, MI 48215 is in the Detroit boundaries. School district assignments are determined by property location and may differ from the mailing city. Contact Detroit directly to confirm enrollment eligibility.
What type of financing is accepted for this listing?
Per MLS# 20240072122, this listing accepts Cash, Conventional, FHA, VA Loan financing. FHA financing can offer lower down payment requirements for qualified buyers. Financing acceptance is subject to change — confirm with the listing agent.
What are the property taxes at 487 PHILIP Street, Detroit, MI 48215?
Per public tax records, annual property taxes for this property are $518. Michigan property taxes are based on a property's taxable value multiplied by the local millage rate. Primary residences qualify for a homestead exemption that lowers the rate.
Can I use a USDA Rural Development loan for this property?
Per USDA Rural Development boundary data, 487 PHILIP Street, Detroit, MI 48215 is not in an eligible area. USDA eligibility is based on property location — properties within designated urban zones are excluded. Other low-down-payment options (FHA, VA) may still be available.
Is 487 PHILIP Street, Detroit, MI 48215 in a flood zone?
Per FEMA flood maps, this property is designated as Zone AE, a high-risk flood area. Flood insurance is required for federally-backed mortgages in this zone. FEMA flood maps are updated periodically — verify the current designation at msc.fema.gov.
What internet service is available at this address?
Per FCC Broadband Data Collection filings, fiber internet is available at 487 PHILIP Street, Detroit, MI 48215. The maximum advertised download speed is 5.0 Gbps. 8 internet providers serve this address. Confirm availability and speeds directly with providers.
What utilities serve 487 PHILIP Street, Detroit, MI 48215?
Per Michigan Public Service Commission service territory data: Electric: DTE Electric Company. Gas: DTE Gas Company. Sewer: Public. Water: Public. Confirm service details directly with providers.
What is the crime rate in this area?
For crime and public safety data, we recommend inquiring directly with the source. Wayne County is served by CLEMIS (Courts and Law Enforcement Management Information System), which provides public safety data for Southeast Michigan law enforcement agencies.
Map
Tax Estimate
$
Annual tax$488
Monthly$41
Millage rate64.1844 mills
Municipality: Detroit
School district: DETROIT CITY SCHOOL DISTRICT
County: Wayne
Estimate based on SEV for a new buyer (taxable value resets to SEV on transfer). Actual taxes may vary. MI Treasury PT Estimator
Mortgage Calculator
$
%
$
$
$
Monthly payment$1,824
Principal & interest$1,783
Property taxes$41
Estimate only. Does not include PMI or other fees. Consult a lender for exact rates.
Internet
FiberDownload
5 Gbps
Upload
5 Gbps
FiberCableLicensed Fixed WirelessGSO SatelliteSatelliteDSL
8 providers at this address
FCC Broadband Data Collection (Dec 2025). Max advertised speeds.
Utilities
DTE Electric Company
Investor-Owned
DTE Gas Company
Investor-Owned
MI Public Service Commission service territory boundaries.
Property
487 PHILIP Street, Detroit, MI 48215
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Neighborhood
East Riverside
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Community
Detroit
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County
Wayne County
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