Cleveland – $54,900

Net Return – 23%

Cleveland – $54,900 Array, Array

54,900

Description

This large five bedroom multi family house is located on a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes walk to John Adams College And Career Academy, which is one of the best schools in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large three bedroom apartment upstairs. Both apartments now have new tenants in place and each tenant is paying $650 in rent each month. The property is under management by a great local Cleveland management company.

Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 6.4 miles from Downtown and 4.9 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.

Property Details

• Five bedrooms.

• Two bathrooms

• 2,078 sqft built.

• 5,040 sqft lot.

• Fully managed.

• Local staff.

• Garden.

• Tenanted.

Investment Calculation

Purchase price: 54,900

Gross annual rental income: $15,600

Property running costs: $3,307
(Tax, insurance and management costs)

Net annual rental income: $12,293

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 23%

Break even in 4.34 Years

Detail

Price: 54,900

Net Return: 23%

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