This three bedroom house is located on a nice street in Forest Hills close to the shores of Lake Erie and is less than one mile from Glenville High School, which is one of the best schools in Cleveland. This property has just been refurbished throughout and a new tenant is in place, they signed a new lease on the 9th December paying $850 rent per month. The property is managed by a great local Cleveland company.
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 neighborhoods on the Northside. It is also just 5.4 miles from Downtown and 2.7 miles from the University Circle.
Purchase price: 41,900
Gross annual rental income: $10,200
Property running costs: $2,260
(Tax, insurance and management costs)
Net annual rental income: $7,940
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%