This great three bedroom multi family house is located on a nice street in Stockyards on the Westside of Cleveland, the house is only 0.2 miles and just a 5 minute walk from Thomas Jefferson Elementary, one of the best schools in Cleveland. The property is divided into two apartments, you have a large two bedroom apartment downstairs and a large one bedroom apartment upstairs. The tenants in the downstairs apartment have been living in the property for the last 13 years paying $500 rent per month and have no intention of moving. The upstairs tenant has just signed a new lease and are paying $450 rent per month.This property is under management by Remax one of the biggest and most respected management companies worldwide.
Stockyards is located on the Westside and viewed as a very central location in Cleveland Ohio, it is just 4.4 miles from Downtown Cleveland and only 1.2 miles from Detroit Shoreway which is one of the best areas in Cleveland. The property is also only 2.6 miles from Cleveland Zoo which is a lovely family area of Cleveland.
Purchase price: 45,900
Gross annual rental income: $11,400
Property running costs: $2,608
(Tax, insurance and management costs)
Net annual rental income: $8,792
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%