Cleveland – $55,900

Net Return – 21%

Cleveland – $55,900 Array, Array

55,900

Description

This large multi-family home is located on a very nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and four minutes and 1.1 km from Collingwood High School, 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 two bedroom apartment upstairs. This property comes with two new furnaces, two new hot water tanks, two new electrical panels and the roof is only four years old. The property has also been refurbished inside and the management company will be placing brand new tenants when the new owner closes on the property each paying $550 – $600 in rent per month.

South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, The property is just10 minutes from the famous Euclid Avenue where you will find many shops, restaurants, hotel chains & the town hall. This is one of our most demanded areas by investors

Property Details

• Four bedrooms.

• Two bathrooms

• 1,850 sqft built.

• 3,185 sqft lot.

• Fully managed.

• Local staff

• Garden.

• Tenanted.

Investment Calculation

Purchase price: 55,900

Gross annual rental income: $14,400

Property running costs: $2,842
(Tax, insurance and management costs)

Net annual rental income: $11,558

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

Return on investment: 21%

Break even in 4.76 Years

Detail

Price: 55,900

Net Return: 21%

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