This three bedroom house is located in the very well respected area of Maple Heights and is just two minutes from Maple Heights High School, one of the best high schools in Cleveland. There are three large bedrooms, a full basement and a large garden, this property is being refurbished and included in the price is $10,000 to make it rental ready. The management company already have tenants ready to move in once the work is completed. This property is under management by a great local company.
Maple Heights is seen as a very strong investment area in Cleveland, The City established a Community Reinvestment Area (CRA) for the purpose of offering real property tax exemptions for new and existing business.Due to this just 5 miles away you have the brand new Amazon fulfilment centre opening this year.
Purchase price: 47,900
Gross annual rental income: $9,600
Property running costs: $3,272
(Tax, insurance and management costs)
Net annual rental income: $6,328
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 14%