This fantastic large three bedroom brick built single family home is located on a
nice street in Forest Hills close to the shores of Lake Erie and is only a short walk
to Glenville High School.
The property has 3 bedrooms, a full basement and a large rear garden. The
property has just been completely refurbished and made rental ready to a Section
8 standard and also has just had a new roof fitted. The management company will
be placing brand new tenants when the new owner closes on the property paying
$1,100 in rent each month. The tenants can either be Section 8 housing or
private, the decision will be for the new owner.
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 and bike trails. Bratenahl is one of the most exclusive residential
areas in Cleveland where properties can sell in the Millions.
Purchase price: 71,900
Gross annual rental income: $13,200
Property running costs: $2,528
(Tax, insurance and management costs)
Net annual rental income: $10,672
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 15%Break even in 6.6 Years