This large multi-family home is located on a nice street in Corlett and is less than one mile and just three minutes and less than one mile from John Adams College, one of the leading schools in Cleveland. The property is divided into two large two bedroom apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. One of the apartments has a tenant in place that has been living in the property for over 2 years with a great payment record and wants to stay. The second apartment is currently just finishing being updated and made rental ready, The roof on the house also is only 2 years old. The management company will place brand new tenants when the new owners close on the property.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 7.1 miles from Downtown and 5.8 miles from University Circle. Also just 1.6 miles away you have Lee Harvard shopping centre. The property is also just walking distance to John Adams College, one of thing schools in Cleveland..
Purchase price: 47,900
Gross annual rental income: $13,500
Property running costs: $2,883
(Tax, insurance and management costs)
Net annual rental income: $10,617
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%