3 months on rocket

5503 Somerset Ave, Detroit, MI, 48224

$140,000

Home List Price

$1,663*

Closing Credit

3 Bedrooms
2 Full Baths, 1 Partial
1,304 SqFt
$107/SqFt
House

Location

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5503 Somerset Ave, Detroit$140,000

Buyer Closing Credits

$1,663*

1.25% Loan Amount

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Property Highlights

Home TypeSingle Family Residence
Year Built1938
HeatingForced Air
BasementYes
MLS #24040521
Lot Size0.11 Acres
StatusActive

About 5503 Somerset Ave

Newly renovated Home!! BACK ON THE MARKET!! Buyer financing fell through. Inspection, and appraisal came back with no issues, just need 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!! A new A/C unit to be included at 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

Other

Directions Information:

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

Price Information

Listing Price Info

Price Summary:

  • List Price: $140,000
  • Price Per SqFt: $107/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

$73

Avg. Days On Market

45

# of Sold Homes

475

5503 Somerset Ave vs Detroit

108 DAYS ON ROCKET

+63 Days

$140,000

+$55K More

$107/SqFt

+$33 More

KEY TAKEAWAY

This property is $55K more than the Median Sold Price and $33/SqFt more than other homes in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Number: #24040521

Listing Office:

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

Broker Reciprocity Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 11/21/2024, 10:20:54 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

$766

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$486

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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-448671
1
/10

  • Marvin L Winans Academy Elementary School

  • 9740 McKinney St

  • 0.77 miles

  • Public Charter Grades KG-5

school-card-donut-448672
1
/10

  • Wayne Elementary School

  • 10633 Courville St

  • 0.94 miles

  • Public District Grades PK-5

school-card-donut-448673
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. The most common annual income of people living in Detroit, MI is between $35k-100k. Residents typically live in single, no kids family. Most residents in this area 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 $140,000.

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 $140,000.

In October 2024, from all listings sold in Detroit, MI there were more than 125 sold above asking price, over 257 sold below and more than 93 were sold right at the asked price. In October 2024 in Detroit, MI there were 11.2% more homes for sale than in September 2024. While the average time on the market in October 2024 was 45 days, the median list price was $85,000.

From Rocket Homes Real Estate and based on county public records data.

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