This large single family home is located in Mount Pleasant and is only six 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. The property has three large bedrooms, one bathroom, a full basement and a large finished attic. The property also has tenants in place paying $825 in rent each 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 1.7 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 6.6 miles from Downtown and 3.2 miles from the University Circle.
Purchase price: 35,900
Gross annual rental income: $9,900
Property running costs: $2,110
(Tax, insurance and management costs)
Net annual rental income: $7,790
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%