This large four bedroom single family home is located in the sought after area of Glenville, just three minutes and less than a mile from Glenville High School which is one of the best schools in Cleveland. The property has four large bedrooms, two full bathrooms and a nice Kitchen / Diner. The house has a full basement and a large rear garden with a detached garage. The property has good tenants that have resided in the property for 10 years and it is under management with a great local Cleveland management company.
Glenville is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 4.4 miles from Downtown and just 2.8 miles from the University Circle.
Purchase price: 52,900
Gross annual rental income: $12,600
Property running costs: $2,388
(Tax, insurance and management costs)
Net annual rental income: $10,212
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years