This large Six bedroom multi family house is located on a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes from John Adams College And Career Academy, which is one of the best schools in Cleveland. There is a large three bedroom apartment upstairs and a large three bedroom apartment downstairs. The property hast just been completely refurbished, One apartment is already tenant occupied paying $644 per month in rent. The other apartment will have tenants very shortly as the local management company are just screening for tenants now.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 6.4 miles from Downtown and 4.5 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 51,900
Gross annual rental income: $14,400
Property running costs: $2,799
(Tax, insurance and management costs)
Net annual rental income: $11,601
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%