This large triplex house is located on a nice street in the highly sought after area of Slavic Village, this area has been highlighted as one of the best up and coming areas in the whole of Cleveland, it has its own Development Corporation. This property is made up of two very large two bedroom apartments and one large one bedroom apartment. One of the apartments is currently tenant occupied and the other two apartments come with a $5,000 refurbishment, the management company will place two new tenants once the new owner takes possession of the property. This is one the best rental property on the market today in Cleveland and is under by a great local property management company.
Slavic Village is a very central location in Cleveland Ohio, it is just 4 miles from Downtown Cleveland. The neighbourhood is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 60,900
Gross annual rental income: $16,200
Property running costs: $3,765
(Tax, insurance and management costs)
Net annual rental income: $12,435
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%