This fantastic two apartment multi family home is located on a nice street in South Broadway which is just 4.2 miles from Downtown Cleveland. This property is also just one mile from Slavic Village one of the most demanded areas in Cleveland. The property is split into two apartments you have a 2 bedroom apartment and a one bedroom apartment. Both apartments are Section 8 housing which means the US Government pays the rent direct to the landlord. The property has been under management with Remax for the last 9 years. Tenant one has resided in the property for 7 years and the rent each month is $645. Tenant two has resided in the property for 6 years and the rent is $493 per month. A large amount of work has been done over the past couple of years, Recently ( 3 months ago ), $4,000 was spent on updating the plumbing.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 4.2 miles miles from Downtown and 5.9 miles from University Circle. The property is also just 1 mile from Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City.
Purchase price: 49,900
Gross annual rental income: $13,656
Property running costs: $2,919
(Tax, insurance and management costs)
Net annual rental income: $10,737
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%