This great four bedroom, two apartment multi family home is located on a nice street in Corlett and is just four minutes from John Adams College, one of the leading 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 property has good tenants in place and the total rental income is $1,050 each month. The property also has a brand new roof, new furnaces and also new water tanks. The property is under management by a great local Cleveland management company.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 8.3 miles from Downtown and 5.6 miles from University Circle. Also just 1.4 miles away you have Lee Harvard shopping centre. The property is also just one mile to John Adams College, one of the best schools in Cleveland..
Purchase price: 49,900
Gross annual rental income: $12,600
Property running costs: $2,870
(Tax, insurance and management costs)
Net annual rental income: $9,730
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%