This large multi-family home is located in a nice street in Union – Miles Park which is a great
neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village.
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
roof that is only 5 years old, brand new windows throughout and all new high efficiency
furnaces and hot water tanks. There is a tenant in one apartment currently seeking
assistance paying $500 in rent each month. This should be a positive outcome and would
net the new owner $4,000 in back rents, the seller has offered a 6 month rental guarantee
as assurance. The second apartment is rental ready and the management company will
place a brand new tenant paying $600 – $650 in rent when the new owner closes on the
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 5.7 miles
from Downtown and 4.3 miles from University Circle. University Circle has the highest
concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 69,900
Gross annual rental income: $13,800
Property running costs: $3,080
(Tax, insurance and management costs)
Net annual rental income: $10,720
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%Break even in 6.25 Years