This great two apartment multi family home is located on a nice street in Corlett and is just one mile and four minutes from John Adams College, one of the leading schools in Cleveland. The property is split into two apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property has a tenant in place in the lower apartment paying $650 in rent each month. The upper apartment will be supplied rental ready and the management company will place brand new tenants when the new owner closes on the property paying $550 in rent each month. The property has new vinyl siding, all new windows, new furnace, new hot water tanks and all new electrics. There is also included in the price a brand new roof.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 8 miles from Downtown and 5.3 miles from University Circle. Also just 1.1 miles away you have Lee Harvard shopping centre. The property is also just five minutes to John Adams College, one of the best schools in Cleveland..
Purchase price: 55,900
Gross annual rental income: $14,400
Property running costs: $3,340
(Tax, insurance and management costs)
Net annual rental income: $11,060
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%