This large multi-family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a three minute drive from Glenville High School, which is one of the best schools in Cleveland. There are three bedrooms, a full basement and a large rear garden. The property has just been updated and comes with new tenants that have just moved in paying $800 per month. This property is under management by a great local company.
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, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 5.6 miles from Downtown and 2.5 miles from the University Circle.
• Three bedrooms.
• One and a half Bathrooms.
• 1,394 sqft built.
• 8,685 sqft lot.
• Fully managed.
Purchase price: 39,900
Gross annual rental income: $9,600
Property running costs: $1,985 (Tax, insurance and management costs)
Net annual rental income: $7,615
Investment calculation - Net Income divided by Purchase price = NET ROI.