This huge multi-family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a four minute drive from Glenville High School, which is one of the best schools in Cleveland. The property is divided into two very large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs, the total rental income per year is $14,400 per year. The tenants are also Section 8 so the rent is paid by the US Government.This property is under management by a great local property 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 4.8 miles from Downtown and 1.9 miles from the University Circle.
Purchase price: 53,900
Gross annual rental income: $14,400
Property running costs: $3,140
(Tax, insurance and management costs)
Net annual rental income: $11,260
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%