Three bedroom house, City of Cleveland, USA
City of Cleveland, Cuyahoga County, Ohio, USA
Property ID: 41580582
Summary Data
| Price | £38,979 |
| Price Type | |
| Bedrooms | Studio |
| Bathrooms | 1 - Bath |
| Plot Size | |
| Building Size |
| Sector | Residential |
| Type | Houses |
| Subtype | Townhouse |
| Tenure | |
| Completion | |
| Parking |
Location Map
Property Description
This large three bedroom single family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a five minute drive from Glenville High School, one of the best schools in Cleveland. The property has 3 bedrooms, a full basement and a large rear garden. The property has recently had new siding and new vinyl windows.The house has Section 8 tenants in place keeping the property in good condition paying $715 in rent each month. The rent is paid direct to the landlord via the US Government.
Forest Hills 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 and bike trails. The house is walking distance to Forest Hills Park, a historic urban park that was a portion of John D. Rockefeller’s estate. The 248-acre (1.00 km2) park has six baseball diamonds (four lit), six lit tennis courts and three walking trails that have retained the natural green space.
Investment Calculation
Purchase price: 45,900
Gross annual rental income: $8,580
Property running costs: $2,128
(Tax, insurance and management costs)
Net annual rental income: $6,452
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 15%
Break even in 6.6 Years