This very nice three bedroom family home is located on a nice street in Old Brooklyn on the Westside of Cleveland, the house is just 1.1 miles from Cleveland Metroparks Zoo & food court.. The property has three large bedrooms, one bathroom, a large rear garden and a detached garage. The property has tenants in place keeping it in great condition paying $700 in rent each Month. This property is under management by a local Cleveland property management company.
Old Brooklyn is located on the Westside and viewed as a very central location in Cleveland Ohio, it is just 6 miles from Downtown Cleveland and only 3.4 miles from Brooklyn Heights which is a very exclusive residential part of Cleveland. The property is also only 1.1 miles from Cleveland Metroparks Zoo and fpod court which is a lovely family area of Cleveland.
Purchase price: 38,900
Gross annual rental income: $8,400
Property running costs: $2,022
(Tax, insurance and management costs)
Net annual rental income: $6,378
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 17%