This large three bedroom house is located on a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes from John Adams College And Career Academy, which is one of the best schools in Cleveland. There are three large bedrooms, a full basement a detached garage and a large rear garden. There are also long term tenants in place paying $750 rent a month .This property is under management by a local Cleveland property management company.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 5.1 miles from Downtown and 3.8 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 34,900
Gross annual rental income: $9,000
Property running costs: $2,100
(Tax, insurance and management costs)
Net annual rental income: $6,900
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%