This large three bedroom house is located on a nice street in the highly sought after area of Mount Pleasant, just 2.7 miles from the famous Shaker Square. There are three large bedrooms, a full basement and a large rear garden. The property is just been updated and upon closing the management company will be placing tenants on a new contract. This property is under management by a local Cleveland property management company.
Mount Pleasant is seen as a very strong investment area in Cleveland, just 2.7 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. This property is also only 7.9 miles from Downtown and 5.6 miles from the University Circle.
Purchase price: 43,900
Gross annual rental income: $9,900
Property running costs: $2,020
(Tax, insurance and management costs)
Net annual rental income: $7,880
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%