This large single family home is located in 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 has 4 bedrooms, 1.5 bathrooms and approximately 1,440 sqft of floor space and was only just built in 1999. The property is now vacant and in a great rental ready condition. The management company will be placing brand new tenants when the new owner closes on the property paying $850 each in rent per Month. This property has the option of a cash tenant or Section 8 housing, the decision will be down to the new owner.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 5 miles from Downtown and 3.6 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: 44,900
Gross annual rental income: $10,200
Property running costs: $2,460
(Tax, insurance and management costs)
Net annual rental income: $7,740
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%