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 short walk from Glenville High School, one
of the best schools in Cleveland.
The property is divided into two large apartments, you have a large two bedroom
apartment downstairs and a large two bedroom apartment upstairs. The ground floor
apartment has a private tenant in place paying $650 in rent each month and the upstairs
apartment has a Section 8 housing tenant in place paying $900 in rent each month. The
Section 8 rent is paid direct to the landlord via the City of Cleveland.
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. The house is just 1.6 miles to the Famous Shoreby Club and the
neighbouring community Bratenahl. Bratenahl one of the most exclusive residential
areas in Cleveland where properties can sell in the Millions.
Purchase price: 86,900
Gross annual rental income: $18,600
Property running costs: $2,980
(Tax, insurance and management costs)
Net annual rental income: $15,620
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%Break even in 5.5 Years