This large multi-family house is located on a nice street in the highly sought after area of Slavic Village, this area has been highlighted as one of the best up and coming areas in the whole of Cleveland, it has its own Development Corporation. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments have tenants in place and the total rent is $985 per month. The property is under management by one of the leading Cleveland property management companies.
Slavic Village is a very central location in Cleveland Ohio, it is just 4 miles from Downtown Cleveland. The neighbourhood is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 46,900
Gross annual rental income: $11,820
Property running costs: $2,642
(Tax, insurance and management costs)
Net annual rental income: $9,178
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%