This large three bedroom house is located on a nice street in Forest close to the shores of Lake Erie. The property was only built in 1997 and has also been recently updated throughout. The property has three large bedrooms, two bathrooms a full basement and a detached garage. The property also comes tenant occupied, the tenants are paying $700 in rent each month. The property is under management by a great local Cleveland management company.
Forest Hills 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 neighborhoods on the Northside. It is also just 7.2 miles from Downtown and just 2.6 miles from the University Circle.
Purchase price: 35,900
Gross annual rental income: $8,400
Property running costs: $2,022
(Tax, insurance and management costs)
Net annual rental income: $6,378
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%