Four bedroom house, City of Cleveland, USA
City of Cleveland, Cuyahoga County, Ohio, USA
Property ID: 41595524
Summary Data
Price | £55,115 |
Price Type | |
Bedrooms | Studio |
Bathrooms | 2 - Bath |
Plot Size | |
Building Size |
Sector | Residential |
Type | Houses |
Subtype | Townhouse |
Tenure | |
Completion | |
Parking |
Location Map
Property 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