4 months on rocket

5773 Loraine St, Detroit, MI, 48208

$50,000

Home List Price

$594*

Closing Credit

0 Baths
Multi

Location

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5773 Loraine St, Detroit$50,000

Buyer Closing Credits

$594*

1.25% Loan Amount

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Contact Us Phone Number1 (855) 200-2001

Property Highlights

Home TypeMulti Family
Year Built1905
HeatingForced Air
BasementYes
MLS #24032092
Lot Size0.07 Acres
StatusActive

About 5773 Loraine St

Attention Investors! Here's your next lucrative opportunity: a multi-family home with immense potential. This property features multiple units, 2 bedrooms, 1 full bath, and 1 convenient half bath in upper unit, 2 bedroom and 1 full bath in lower unit, Newer roof! The best part? The heavy lifting has been done for you. The demolition is already complete! Now is your chance to customize and rehab this property to maximize rental income or resale value.

Property Details

Property Features

Property Information:

  • Year Built: 1905

Listing Office:

  • Office Name: KW Home Realty
  • Office Phone: (248) 626-2100
  • Listing Agent: Cecelia C Dillard

Interior Features

Interior Information:

  • Basement: Yes

Lot Features

Lot Information:

  • Lot Size: 0.07 Acres

Utilities

Utilities Information:

  • Heating: Forced Air

Other

Directions Information:

  • Directions: 94 Service drive to Loraine

Price Information

Listing Price Info

Price Summary:

  • List Price: $50,000

Tax Information:

  • Annual Amount: $964
  • 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

5773 Loraine St vs Detroit

146 DAYS ON ROCKET

+101 Days

$50,000

-$35K Less

KEY TAKEAWAY

This property is $35K less than the Median Sold Price in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Michigan Regional Information Center (MichRIC)
  • MLS Number: #24032092

Listing Office:

  • Office Name: KW Home Realty
  • Office Phone: (248) 626-2100
  • Listing Agent: Cecelia C Dillard

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: 11/17/2024, 12:20:54 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$964$12,600
2020$633$10,900
2018$633$9,000
2017$632$8,800

History based on county public records data.

Payment Calculator

$317

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$216

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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-478162
1
/10

  • University Preparatory Academy (PSAD) Elementary School

  • 957 Holden St

  • 1.13 miles

  • Public Charter Grades KG-5

school-card-donut-478163
2
/10

  • University Preparatory Academy Psad Elementary School

  • 435 Amsterdam St

  • 1.42 miles

  • Public Charter Grades KG-5

school-card-donut-478164
2
/10

  • University Preparatory Art Design Elementary School

  • 10225 3rd St

  • 2.23 miles

  • Public Charter Grades KG-5

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $14,122. The majority of Detroit, MI residents have income less than $35k annually. The majority of families are single, no kids. Most residents in this area have high school diploma education.

All data provided by Home Junction and Claritas

Rocket Homes›Michigan›Wayne County›Detroit›48208›5773 Loraine St

This home is located at 5773 Loraine St in Detroit, MI and zip code 48208 in the Rosa Parks neighborhood. This home, which was built in 1905, sits on a 0.07 acre lot. It has been listed on Rocket Homes since June 23, 2024 and is currently priced at $50,000.

While more than 125 listings in Detroit, MI in October 2024 were sold above asking price, there were more than 93 listings sold at asking price, and more than 257 were sold below. The number of listings in Detroit, MI increased by 11.2% between September 2024 and October 2024. Listings spent 45 days on the market in October 2024, and had a median list price of $85,000 during the same period.

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

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