This large multi-family home is located on a very nice street in Woodland Hills less than eight minutes from the famous Shaker Square, one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments have been recently made rental ready, one apartment is now tenanted and the tenants are paying $550 per month. The management company will place brand new tenants when the new owner closes on the property also paying $550 each month.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 5.2 miles from Downtown Cleveland, just 2.9 miles from the University Circle & only 3.5 miles from Shaker square. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 45,900
Gross annual rental income: $13,200
Property running costs: $2,694
(Tax, insurance and management costs)
Net annual rental income: $10,504
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%