This large three bedroom house is located on a nice street in highly sought after area of South-Collinwood, less than five minutes away from Collingwood High School and just a few minutes from the Lakeshore. There are three large bedrooms, a full basement and a large garden, the property has just been refurbished and has a brand new tenant who has just signed a lease paying $775 rent a month, they move in this week. This property is under management by a great local company.
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, this property is only 8 miles from Downtown.
Purchase price: 39,900
Gross annual rental income: $9,300
Property running costs: $1,850
(Tax, insurance and management costs)
Net annual rental income: $7,450
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%