This large multi-family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only half a mile from Glenville High School, which is one of the best schools in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property has fantastic tenants in place. One tenant has been in the property for 4 years paying $550 per month and has never missed a payment. The other tenant has been in the property for 20 years now paying $450 per month, Section 8 pays $350 of the rent and the tenant has also never missed her partial $100 rental payment.
Forest Hills is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 5.4 miles from Downtown and 3.3 miles from the University Circle.
• Four bedrooms.
• Two Bathrooms
• 1,960 sqft built.
• 3,128 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 54,900
Gross annual rental income: $12,000
Property running costs: $2,400 (Tax, insurance and management costs)
Net annual rental income: $9,600
Investment calculation - Net Income divided by Purchase price = NET ROI.