This large two apartment family home is located on a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes from John Adams College And Career Academy, which is one of the best 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 with a great payment record paying $550 in rent each month and wants to stay. The second apartment has just finished being updated and made rental ready. The management company are currently screening for new tenants that will be paying $550 each month.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 5.8 miles from Downtown and 4.3 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 59,900
Gross annual rental income: $13,200
Property running costs: $2,624
(Tax, insurance and management costs)
Net annual rental income: $10,576
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%