This large multi-family home is located on a nice street in Corlett and is less than one mile and just three minutes and less than one mile from John Adams College, one of the leading schools in Cleveland. The property is divided into two large two bedroom apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. One of the apartments has a tenant in place that has been living in the property with a great payment record paying $525 in rent each month and wants to stay. The second apartment has just finished being updated and made rental ready, The management company will place brand new tenants paying $550 each month when the new owners close on the property.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 7.7 miles from Downtown and 5.8 miles from University Circle. Also just 1.4 miles away you have Lee Harvard shopping centre. The property is also just 3 minutes to John Adams College, one of thing schools in Cleveland..
• Four bedrooms.
• Two bathrooms.
• 1,954 sqft built.
• 4,000 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 49,900
Gross annual rental income: $12,900
Property running costs: $2,712 (Tax, insurance and management costs)
Net annual rental income: $10,188
Investment calculation - Net Income divided by Purchase price = NET ROI.