This Five bedroom multi family home is very well located in Cudell on the Westside of Cleveland. Cudell is just three minutes and less than one mile from Detroit Shoreway which is one of the best areas in Cleveland. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large three bedroom apartment upstairs. One apartment has a tenant in place paying $550 in rent each month. The second unit has $5,000 included in the price for some minor cosmetic repairs needed to bring the apartment up to a great rent ready condition. When completed after closing the management company will place a brand new tenant paying $600 – $650 in rent each month.
Cudell is located on the Westside and viewed as a very central location in Cleveland Ohio, it is just 4.6 miles from Downtown Cleveland and less than 1 mile from Detroit Shoreway which is one of the best areas in Cleveland. The property is also only 5 minutes from Edgewater park which features 9000 feet of shoreline, dog and swim beaches, boat ramps, fishing pier, picnic areas and grills
Purchase price: 58,900
Gross annual rental income: $14,400
Property running costs: $3,130
(Tax, insurance and management costs)
Net annual rental income: $11,270
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years