This is a land-based site. This vacant lot is sold with 5054,5060, 5066, and 5074 Fernwood. Totaling= 47,720 sqft. Not sold separately. Zoned R3. The DLBA is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult our proposal guidelines for land-based sites and DLBA Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department for additional context about the neighborhood. BATVAI. All offers must be supported by Proof of Funds (funds should meet or exceed development costs). Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatement on the purchase and development financing.
Property Details
Property Features
Listing Office:
Office Name: RCH Brokerage Legacy Inc
Office Phone: (248) 440-2268
Listing Agent: Leonard A Pickett III, Clarence R Wilson
Interior Features
Interior Information:
Basement: No
Bedroom and Bathroom Information:
Partial Bathrooms: 1
Full Bathrooms: 1
Total Bedroom Count: 3
Exterior Features
Parking Information:
Attached Garage: No
Other
Directions Information:
Directions: Take Livernois headed south, pass Joy Rd. Make left onto Tireman. Then make a left onto Ironwood. This will turn into Fernwood.
Price Information
Listing Price Info
Price Summary:
List Price: $35,000
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Detroit, MI.
This property is $50K less than the Median Sold Price in Detroit, MI.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: Realcomp II Ltd
MLS Number: #20240040769
Listing Office:
Office Name: RCH Brokerage Legacy Inc
Office Phone: (248) 440-2268
Listing Agent: Leonard A Pickett III, Clarence R Wilson
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$242
Per Month
Principal & Interest
$175
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$171
Powered By
NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
2
/10
Barton Elementary School
8530 Joy Rd
Distance between this listing and this school1.37 miles
Public District Grades KG-5
5
/10
McDonald Elementary School
10151 Diversey St
Distance between this listing and this school1.87 miles
Public District Grades PK-5
1
/10
Cesar Chavez Academy Intermediate School
4100 Martin St
Distance between this listing and this school2.23 miles
Public Charter Grades 3-5
Nearby Schools
1
/10
Sampson-Webber Leadership Academy
4700 Tireman St
Distance between this listing and this school0.67 miles
Public District Grades PK-8
2
/10
Hope Academy
12121 Broadstreet Ave
Distance between this listing and this school1.32 miles
Public Charter Grades PK-8
1
/10
Thirkell Elementary-Middle School
7724 14th St
Distance between this listing and this school1.62 miles
Public District Grades KG-8
Nearby Schools
3
/10
Northwestern High School
2200 W Grand Blvd
Distance between this listing and this school1.25 miles
Public District Grades 9-12
1
/10
Central Academy and High School
2425 Tuxedo St
Distance between this listing and this school1.73 miles
Public District Grades 9-12
1
/10
West Side Academy of Information Technology and Cyber Securi
4701 McKinley St
Distance between this listing and this school1.79 miles
The neighbors living near this home have an average income of $27,857. The majority of Detroit, MI residents have income less than $35k annually. Residents typically live in single, no kids family. Residents of this area typically have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 5040 Fernwood St
What is the listing price of this property?
The listing price of 5040 Fernwood St property is $35,000.
What type of property is this?
The property 5040 Fernwood St is land located in Detroit, Michigan, 48204.
Is this property for sale now?
Active Listing: 5040 Fernwood St is For Sale (Active/New) which means the seller is accepting offers.
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 5040 Fernwood St in Detroit, MI and zip code 48204 in the Tireman neighborhood. Features: 3 bedrooms, 2 bathrooms. It has been listed on Rocket Homes since June 12, 2024 and is currently priced at $35,000.
Detroit, MI housing market in November 2024 saw over 94 listings sold above listed price, more than 55 sold at listed price and over 247 sold below. The number of listings in Detroit, MI increased by 2% between October 2024 and November 2024. In November 2024 median list price was $85,016 and the average listing age was 49 days.
From Rocket Homes Real Estate and based on county public records data.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. 
Pro Boxing
Pro Boxing
Mexican League Soccer
Burlington
Foot Locker
H&M
White Castle
Little Caesars
Boston Market
Kia
Dodge
Honda
Urban Adult Contemporary
Rhythmic Contemporary Hits