This large three bedroom single family home is located on a nice street in South-Collinwood, it is just five minutes from the Lakeshore and two minutes and less than half a mile from Collingwood High School, one of the best schools in Cleveland. The property is tenant occupied and has new tenants who moved into the property on the 1st of April this year, before the house was updated, they are paying $750 rent a month, This property is under management by a great local management 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 8.4 miles from Downtown and just 6.9 miles from the University Circle.
Purchase price: 35,900
Gross annual rental income: $9,000
Property running costs: $6,980
(Tax, insurance and management costs)
Net annual rental income: $6,980
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%