Cleveland – $52,900

Net Return – 23%

Cleveland – $52,900 Array, Array

52,900

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 upstairs apartment is currently tenant occupied and the tenants are keeping it in great condition paying $600 in rent each month. The downstairs apartment has just been updated and made rental ready and the management company will be placing brand new tenants when the new owner closes on the property paying $650 in rent each month.

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: 52,900

Gross annual rental income: $15,000

Property running costs: $3,247
(Tax, insurance and management costs)

Net annual rental income: $11,753

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

Return on investment: 23%

Break even in 4.34 Years

Detail

Price: 52,900

Net Return: 23%

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