Four bedroom house

Full Description

This large two apartment multi-family home is located in the sought after area of Glenville, just five minutes from Glenville High School which is one of the best schools in Cleveland. The property is also very well positioned directly opposite the Cleveland Lakefront Nature Preserve. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. The property has good long term tenants in place in one apartment paying $500 in rent each month. The management company have a new tenant ready to move into the second apartment shortly paying $750 in rent each month.

Glenville is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 4.4 miles from Downtown and just 3.3 miles from the University Circle.

 

Investment Calculation

Purchase price: 57,900

Gross annual rental income: $15,000

Property running costs: $2,730
(Tax, insurance and management costs)

Net annual rental income: $12,270

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

Return on investment: 22%

Break even in 4.54 Years

Key Information

Property ID: 41558370
Price: £42,640
Property Type: Townhouse
Categories:

  • Residential Property
  • House

This huge four bedroom multi unit is a rare find at $57,900