This large four bedroom family home is located in the area of Mount Pleasant and is only ten minutes from the famous Shaker Square and 10 minutes from Shaker Heights High School. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. This property is undergoing a complete refurbishment including, new doors, floors, carpets, updated kitchen, the work is due to be completed within two weeks.The management company has already screened tenants and they will be placing a new tenant at $800 a month, right after the closing. This property is under management by a great local company.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 2.4 miles away you have the famous Shaker Square and is also only 6 miles from Downtown and 4.4 miles from the University Circle.
Purchase price: 41,900
Gross annual rental income: $9,600
Property running costs: $2,108
(Tax, insurance and management costs)
Net annual rental income: $7,492
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%