This large two apartment multi family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a three minute drive from Glenville High School. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. This property has just been made rental ready and the management company will place brand new tenants when the new owner closes on the property. Unit one will achieve $600 – $650 in rent and Unit two will achieve $650 – $700 in rent each month each month.
Forest Hills 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 and bike trails. Bratenahl is one of the most exclusive residential areas in Cleveland where properties can sell in the Millions.
Purchase price: 61,900
Gross annual rental income: $16,200
Property running costs: $3,558
(Tax, insurance and management costs)
Net annual rental income: $12,642
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years