This large three bedroom house is located on a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes from John Adams College And Career Academy, which is one of the best schools in Cleveland. The property has just been renovated throughout which includes a new furnace new hot water tank, updated electricals, new bathroom, new carpet and flooring throughout, new paint , dry-locked basement and newer Vinyl windows. The pictures included in this brochure are examples of a recent refurb by the same builder and this property will look almost exactly the same. The management company will shortly be placing brand new tenants paying $850 per month when the new owner closes on the property.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 5.7 miles from Downtown and 4.1 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 46,900
Gross annual rental income: $10,200
Property running costs: $2,170
(Tax, insurance and management costs)
Net annual rental income: $8,030
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%