This single family house is located on a nice street in the highly sought after area of North Collingwood just five minutes drive to the famous Euclid Beach Park. The property has been recently updated and has great tenants in place paying $750 per month, the property is very spacious with two bedrooms, a large lounge / diner, full basement and a large rear garden.This is arguably the most demanded area this year by Global Investment investors.
North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and entertainment district with concert venues, music stores, restaurants, bars, a bocce court and, hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is very high.
Purchase price: 55,000
Gross annual rental income: $9,000
Property running costs: $6,500
(Tax, insurance and management costs)
Net annual rental income: $6,500
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 12%