This large four bedroom, two bathroom multi family home is located on a nice street in Brooklyn Centre on the Westside of Cleveland, the house is just 1.8 miles from Thomas Jefferson Elementary, one of the best schools in Cleveland. The property is divided into two very large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property has one brand new tenant that has just been placed and the management will be placing a new tenant in the second unit when the new owner closes on the property. The total rental income each month will be $1,350 – $1,400 each month.
Brooklyn Centre is located on the Westside and viewed as a very central location in Cleveland Ohio, it is just 5 miles from Downtown Cleveland and only 3 miles from Detroit Shoreway which is one of the best areas in Cleveland. The property is also only 1.3 miles from Cleveland Metroparks Zoo and fpod court which is a lovely family area of Cleveland.
Purchase price: 61,900
Gross annual rental income: $16,800
Property running costs: $3,480
(Tax, insurance and management costs)
Net annual rental income: $13,320
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%