Four bedroom house City of Cleveland, Cuyahoga County, Ohio, USA 4 Bed Townhouse £62,524 | €69,630 | $84,900 Request a Currency Exchange Quote Here

This large four bedroom multi unit is a rare find at $84,900..

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Property Description ID:41613580

This large two apartment multi-family home is located on a very nice street in the sought after area of
North-Collinwood which is right next to the famous Manhattan Beach and only minutes from the
Lakefront. The house is also just 1.4 miles and five minutes from Collingwood High School, and directly
opposite the very nice Collinwood Memorial School.
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 a good tenant in place paying $600 in
rent each month in one apartment and the second apartment is just completing being updated and
made rental ready. The management company will place a brand new tenant in the second apartment
when the new owner closes on the property paying $750 in rent each month.

North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions
into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force
behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and
entertainment district with concert venues, music stores, restaurants, bars, a bocce court and,
hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is
very high.

 

Investment Calculation

Purchase price: 84,900

Gross annual rental income: $16,200

Property running costs: $3,125
(Tax, insurance and management costs)

Net annual rental income: $13,075

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 16%

Break even in 6.25 Years
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