This large multi-family home is located on a very nice street in South-Collinwood, it is just five minutes from the Lakeshore and three minutes and half a mile 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. One apartment is currently tenant occupied and they are paying $550 per month in rent. The second apartment is currently being screened for new tenants who will be shortly moving in and will also be paying $550 per month. The property is managed 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 7miles from Downtown and just 4.4 miles from the University Circle.
Purchase price: 49,900
Gross annual rental income: $13,200
Property running costs: $2,710
(Tax, insurance and management costs)
Net annual rental income: $10,490
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%