This large Three bedroom house is located on a nice street in the sought after area of Glenville, just five minutes from Glenville High School which is one of the best schools in Cleveland. The property has Three large bedrooms, 1 bathroom and a full basement. This property has great tenants in place keeping the property in excellent condition and are paying $750 rent a month. The tenants have been in the property now for 2 years. This property is managed by a great local Cleveland management company.
Glenville 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 neighbourhoods on the Northside. It is also just 4.9 miles from Downtown and just 1.9 miles from the University Circle.
Purchase price: 34,900
Gross annual rental income: $9,000
Property running costs: $1,837
(Tax, insurance and management costs)
Net annual rental income: $7,163
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%