Four bedroom house

Full Description

This large multi-family two apartment home is located on a nice street in East Cleveland only 1.4 miles from Glenville High School, which is one of the best schools in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. One of the apartments has a long term tenant in place paying $600 in rent each month. The second apartment has just been updated and made rental ready and the management company will place brand new tenants when the new owner closes on the property also paying $600 in rent each month. The new tenants can either be private or Section 8.

East Cleveland is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, South Collinwood Richmond Heights and Euclid. The house is just five minutes 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: 64,900

Gross annual rental income: $14,400

Property running costs: $3,100
(Tax, insurance and management costs)

Net annual rental income: $11,300

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

Return on investment: 18%

Break even in 5.5 Years

Key Information

Property ID: 41595524
Price: £55,115
Property Type: Townhouse
Categories:

  • Residential Property
  • House

This huge four bedroom multi unit is a rare find at $64,900..