This large multi-family home is located on a very nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and four minutes from Collingwood High School, one of the best schools in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs, One apartment is currently tenant occupied and they are paying $600 in rent each month. The second apartment is just finishing being updated and made rental ready and the management company will be placing brand new tenants when the new owner closes on the property paying $550 – $600 in rent each month.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, The property is just five minutes from the Lakeshore and four minutes from Collingwood High School, one of the best schools in Cleveland. North and South Collinwood are one of our most demanded areas by investors
Purchase price: 54,900
Gross annual rental income: $14,400
Property running costs: $3,053
(Tax, insurance and management costs)
Net annual rental income: $11,347
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76