This large three bedroom house is located in one of the best parts in the sought after area of Glenville, less than 2 miles from Glenville High School which is one of the best schools in Cleveland. The property has three large bedrooms, 1 bathroom and a full basement. This property is just undergoing a complete refurbishment which includes a new porch and nearly all new windows. The work will be completed in approximately one weeks time. Brand new tenants will be placed when the new owner completes on the property.
Glenville is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. This property is in an up and coming area for new construction and is only walking distance from University Circle. This is a great purchase not only for a solid 23% ROI from a refurbished property but this also has great potential for capital appreciation.
Purchase price: 41,900
Gross annual rental income: $9,600
Property running costs: $1,806
(Tax, insurance and management costs)
Net annual rental income: $7,794
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%