This great two apartment multi family home is located on a very nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and two minutes and half a mile from Collingwood High School, one of the best schools 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. Both apartments have just been refurbished throughout and the management company will bet placing brand new tenants when the new owner closes on the property. The rental income will be $1,200 per month.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, The property is just 0.6 miles and walking distance to Collinwood High School one of the best schools in Cleveland. This is one of our most demanded areas by investors
Purchase price: 55,900
Gross annual rental income: $14,400
Property running costs: $2,777
(Tax, insurance and management costs)
Net annual rental income: $11,626
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years