This large multi-family house is located on a nice street in Forest Hills close to the shores of Lake Erie and is only half a mile from Glenville High School, which is one of the best schools in Cleveland. The property is divided into three large apartments, you have two large two bedroom apartments and a large one bedroom apartment. The property is currently being made rental ready and three brand new tenants will be placed in the property before you close on the property, the total rent per month will be $1,500. The property is under management by a great local Cleveland management company.
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 neighbourhoods on the Northside. It is also just 5.4 miles from Downtown and 3.3 miles from the University Circle.
Purchase price: 74,900
Gross annual rental income: $18,000
Property running costs: $3,304
(Tax, insurance and management costs)
Net annual rental income: $14,696
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%