This fantastic large brick built four apartment multi family home is located in a
very nice street close to the town centre of Elyria. Elyria, Ohio is 23 miles SW of
Cleveland, Ohio. It’s situated in northeastern Ohio in Lorain county.
The property is split into four, one bedroom apartments, you have two large one
bedroom apartments upstairs and two large one bedroom apartments downstairs.
The property has just been refurbished throughout and now has tenants in place
in each apartment. The total monthly rental income is $2,620
The property is just 1 miles and only 3 minutes to Downtown Elyria. Downtown
Elyria has an abundance of amenities such as grocery stores, restaurants and
coffee shops. Top attractions in Elyria include the Black River Reservation,The
Hickories Museum & The Midway Mall, a 1.1 million square foot regional shopping
mall that people drive from Cleveland City to visit. The Midway Mall is just 3 miles
from the property.
Purchase price: 199,900
Gross annual rental income: $31.440
Property running costs: $6,593
(Tax, insurance and management costs)
Net annual rental income: $28,847
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 13%Break even in 7.69 Years