This four bedroom Section 8 property is located in East Cleveland just nine minutes from the famous University Circle which is home to world- renowned museums, prestigious universities, nationally recognized hospitals, restaurants and beautiful parks. The property has four large bedrooms with the option of a fifth bedroom in the attic at a future date, This property has new Section 8 tenants in place and the rent is $1,050 per month. This property is managed by a great local Cleveland management company.
East Cleveland is viewed as an up and coming area in Cleveland due to its close proximity to the University Cirlce, it is also just 6 miles from Downtown and 1.2 miles from Glenville High School.
Purchase price: 51,900
Gross annual rental income: $12,600
Property running costs: $1,961
(Tax, insurance and management costs)
Net annual rental income: $10,639
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years