4 months on rocket

5503 Somerset Ave, Detroit, MI, 48224

$137,500

Home List Price

$1,633*

Closing Credit

3 Bedrooms
2 Full Baths, 1 Partial
1,304 SqFt
$105/SqFt
House

Location

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5503 Somerset Ave, Detroit$137,500

Buyer Closing Credits

$1,633*

1.25% Loan Amount

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Property Highlights

Home TypeSingle Family Residence
Year Built1938
HeatingForced Air, Natural Gas
BasementYes
MLS #81024040521
Lot Size0.11 Acres
StatusActive

About 5503 Somerset Ave

Newly updated STARTER HOME!! Buyer financing fell through. Inspection, and appraisal came back with no issues, just needs a new Buyer!! This one is ready for you to move in and add your personal touches. Fresh paint, new carpet throughout, and a NEW ROOF installed. A new A/C unit to be included before closing!! This bungalow has a very nice bedroom on the upper level with a full bath. This basement has recessed lighting and a roomy half bath. You can make this basement into another living area. Schedule a showing today, and move into this home before the leaves start to fall.

Property Details

Property Features

Property Information:

  • Architectural Style: Bungalow
  • Year Built: 1938
  • Stories: 2
  • Living Area: 1,304 SqFt

Listing Office:

  • Office Name: Timeless Real Estate
  • Office Phone: (248) 722-2332
  • Listing Agent: Michael Cohill

Interior Features

Interior Information:

  • Basement: Yes

Bedroom and Bathroom Information:

  • Partial Bathrooms: 1
  • Full Bathrooms: 2
  • Total Bedroom Count: 3

Lot Features

Lot Information:

  • Lot Size: 0.11 Acres

Utilities

Utilities Information:

  • Heating: Forced Air, Natural Gas

Other

Directions Information:

  • Directions: East of Alter Rd.South of Outer Dr.

Price Information

Listing Price Info

Price Summary:

  • List Price: $137,500
  • Price Per SqFt: $105/SqFt

Tax Information:

  • Annual Amount: $1,324
  • Tax Year: 2021
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Housing Market Comparison

See how this home compares to others in Detroit, MI.

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Detroit, MI

City

Med. Sold Price

$85K

Med. Price/SqFt

$67

Avg. Days On Market

49

# of Sold Homes

396

5503 Somerset Ave vs Detroit

138 DAYS ON ROCKET

+89 Days

$137,500

+$52.4K More

$105/SqFt

+$37 More

KEY TAKEAWAY

This property is $52.4K more than the Median Sold Price and $37/SqFt more than other homes in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Greater Metropolitan Association of REALTORS
  • MLS Number: #81024040521

Listing Office:

  • Office Name: Timeless Real Estate
  • Office Phone: (248) 722-2332
  • Listing Agent: Michael Cohill

IDXDisclaimer: 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.

IDX provided courtesy of Realcomp II Ltd. Copyright © 2024 Realcomp II Ltd. Shareholders. All rights reserved. Originating MLS shown with each listing detail.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 12/22/2024, 1:21:09 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Tax History

YEARPROP. TAXASSESSMENT
2021$1,324$16,500
2020$1,255$15,200
2018$1,255$12,400
2017$1,249$11,500

History based on county public records data.

Payment Calculator

$754

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$479

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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.

Nearby Schools

school-card-donut-980148
1
/10

  • Marvin L Winans Academy Elementary School

  • 9740 McKinney St

  • 0.77 miles

  • Public Charter Grades KG-5

school-card-donut-980149
1
/10

  • Wayne Elementary School

  • 10633 Courville St

  • 0.94 miles

  • Public District Grades PK-5

school-card-donut-980150
6
/10

  • George Defer Elementary School

  • 15425 Kercheval Ave

  • 1.51 miles

  • Public District Grades KG-5

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $61,742. Residents of Detroit, MI typically earn between $35k-100k each year. Typical family type is single, no kids. Residents of this area typically have post secondary degree education.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 5503 Somerset Ave

What is the listing price of this property?

The listing price of 5503 Somerset Ave property is $137,500.

What type of property is this?

The property 5503 Somerset Ave is a house located in Detroit, Michigan, 48224.

Is this property for sale now?

Active Listing: 5503 Somerset Ave is For Sale (Active/New) which means the seller is accepting offers.

What is the annual property tax for this property?

According to the records, the last property tax for 2021 is $1,324 (source: MLS/based on county public records data).

How many bedrooms and bathrooms does this property have?

The property at 5503 Somerset Ave has 3 bedrooms and 2 full and 1 half bathrooms.

What is the square footage of this property?

The property 5503 Somerset Ave is 1,304 SqFt (source: MLS/tax record).

Which year was this property built?

The year of construction for 5503 Somerset Ave is 1938.

Rocket Homes›Michigan›Wayne County›Detroit›48224›5503 Somerset Ave

This home is located at 5503 Somerset Ave in Detroit, MI and zip code 48224 in the Lower East neighborhood. This 1,304 square foot home, which was built in 1938, sits on a 0.11 acre lot. Features: 3 bedrooms, 3 bathrooms. It has been listed on Rocket Homes since August 05, 2024 and is currently priced at $137,500.

While more than 94 listings in Detroit, MI in November 2024 were sold above asking price, there were more than 55 listings sold at asking price, and more than 247 were sold below. The number of homes for sale 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.

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