This great two apartment multi family home is located on a nice street in Corlett and is less than one mile and just two minutes from John Adams College, one of the leading 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. The property has just been updated and made rental ready and the management company will be placing brand new tenants when the new owner closes on the property paying $600 each in rent per month. The property is managed by a great local management company.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 8.3 miles from Downtown and 5.1 miles from University Circle. Also just 1.7 miles away you have Lee Harvard shopping centre. The property is also just walking distance to John Adams College, one of the best schools in Cleveland..
Purchase price: 54,900
Gross annual rental income: $14,400
Property running costs: $3,388
(Tax, insurance and management costs)
Net annual rental income: $11,012
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%