This fantastic three bedroom family home is located on a nice street in South Broadway which is just 6 miles from Downtown Cleveland. This property is also just over 1 mile from Slavic Village one of the most demanded areas in Cleveland. The property has 3 large bedrooms, one bathroom a large dining room, living room with fireplace and a full basement. The property has tenants in place and Section 8 housing pays $176 contribution to the monthly rent which is $796 each month. The property passed the last section 8 inspection in March of this year. The property is under management by a great local company.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5 miles miles from Downtown and 5.5 miles from University Circle. The property is also just 1.4 miles from Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
• Three bedrooms.
• Full Basement
• 1,075 sqft built.
• 4,901 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 42,900
Gross annual rental income: $9,552
Property running costs: $2,017 (Tax, insurance and management costs)
Net annual rental income: $7,535
Investment calculation - Net Income divided by Purchase price = NET ROI.