This large four bedroom house is located on a nice street in Glenville, just one mile and only a 10 minute walk from Glenville High School, which is one of the best schools in Cleveland. There is a large two bedroom apartment upstairs and a large three bedroom apartment downstairs. Both apartments are tenant occupied and both tenants have been in the property for over five years. This property is under management by a local Cleveland property management company. .
Glenville 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, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 4.6 miles from Downtown and just 2 miles from the University Circle.
Purchase price: 53,900
Gross annual rental income: $15,420
Property running costs: $2,742
(Tax, insurance and management costs)
Net annual rental income: $12,678
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%