This large four bedroom, two bathroom multi family house is located in one of the best streets in Hough close to the shores of Lake Erie. Hough is a very demanded area in Cleveland due to its close proximity to the University Circle. The property is split into two large 2 bedroom apartments, The property has just been updated inside throughout to a good rental ready standard including newer hot water tanks and furnaces. The management company will place brand new tenants, each paying $550 per month when the new owner closes on the property.
Hough is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway It is also just 2.7 miles from the University Circle. The University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US, such as the Cleveland Museum of Art; Severance Hall, Cleveland Institute of Art, plus many more.
• Four bedrooms.
• Two Bathrooms
• 1,928 sqft built.
• 4,861 sqft lot.
• Fully managed.
• Local staff
Purchase price: 46,900
Gross annual rental income: $13,200
Property running costs: $2,320 (Tax, insurance and management costs)
Net annual rental income: $10,880
Investment calculation - Net Income divided by Purchase price = NET ROI.