Eight bedroom house, City of Cleveland, USA

This huge six apartment multi-family home is located in Mount Pleasant and is only five minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. The property consists of four, one bedroom, one bathroom apartments and two, two bedroom, one bathroom apartments. The building is in great condition and has been updated throughout. All the electrics have been updated, it has new hot water tanks and the furnace is in good condition. Five of the apartments now have paying long term, tenant in place paying $650 in rent each month. The management company will place a new tenant in the remaining rent ready apartment when the new owner closes on the property also paying $650 each month.

Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.3 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. This property is also only 6.9 miles from Downtown and 4 miles from the University Circle.

Investment Calculation

Purchase price: 229,900

Gross annual rental income: $46,800

Property running costs: $10,310
(Tax, insurance and management costs)

Net annual rental income: $36,490

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 17%

Break even in 5.8 Years