This fantastic brick built large three bedroom single family home is located in Mount Pleasant and is only five minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. This property has just been updated throughout and made rental ready and brand new tenants will be in place on completion paying $850 – $900 each per month. The property is managed by a great local management company.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.6 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 7.2 miles from Downtown and 4.4 miles from the University Circle.
Purchase price: 44,900
Gross annual rental income: $10,800
Property running costs: $2,480
(Tax, insurance and management costs)
Net annual rental income: $8,320
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%