This three bedroom house is located in the highly sought after area of North Collingwood right next to the famous Manhattan Beach and only a few minutes from the Lakefront. The colonial house has 3 bedrooms, a full basement and a detached garage. The property has just being updated and made rental ready. The management company are screening now for brand new tenants that will be paying $800 – $850 in rent each month.
North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and entertainment district with concert venues, music stores, restaurants, bars, a bocce court and, hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is very high.
• Three bedrooms.
• Full basement
• 1,122 sqft built.
• 5,600 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 42,900
Gross annual rental income: $10,200
Property running costs: $2,220 (Tax, insurance and management costs)
Net annual rental income: $7,980
Investment calculation - Net Income divided by Purchase price = NET ROI.