This large multi-family home is located on a very nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and four minutes from Collingwood High School, one of the best schools in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs, The bottom tenant has been living in the property for 17 years and the top apartment for 3 years. Both tenants have a great payment record and have no plans to move. The property is under management by a great local management company.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, this property is only 9.3 miles from Downtown and just 5.5 miles from the University Circle.
Purchase price: 50,900
Gross annual rental income: $12,720
Property running costs: $2,722
(Tax, insurance and management costs)
Net annual rental income: $9,998
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%