This very large three apartment multi-family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a three minute drive from Glenville High School, which is one of the best schools in Cleveland. The property has just been updated and made rental ready and also has a new roof.The property is divided into three large apartments, you have two large two bedroom apartments and a large one bedroom apartment. One fo the two bedroom apartments has tenants in place paying $550 per month. The other two apartments the management company will be placing brand new tenants when the new owner closes on the property paying $350 & $600 per month.
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, bike trails, and allows access to the beach parks in the neighborhoods on the Northside. It is also just 5.8 miles from Downtown and 2.5 miles from the University Circle.
Purchase price: 65,900
Gross annual rental income: $18,000
Property running costs: $3,335
(Tax, insurance and management costs)
Net annual rental income: $14,665
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%