This large two apartment house is located on a nice street in Saint Clair- Superior just 3.2 miles from Downtown Cleveland. Saint Clair-Superior is close to the great lake, borderline lake properties offer lots of potential for future growth. The property is divided into two large apartments, you have a large three bedroom apartment downstairs and a large three bedroom apartment upstairs. Both apartments have tenants in place and both tenants have their rent subsidised by Section 8 housing which means a portion of the rent is paid by the US Government. The total rental income is $1,947 each month. This is a great investment property and managed by a great local Cleveland management company.
Saint Clair-Superior is viewed as an up and coming area in Cleveland due to its close proximity to the lake, it is also just 3.2 miles from Downtown and 2.6 miles from University Circle. The University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 64,900
Gross annual rental income: $23,364
Property running costs: $4,070
(Tax, insurance and management costs)
Net annual rental income: $19,294
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 30%