This large multi-family home is located on a very nice street in Woodland Hills less than seven minutes from the famous Shaker Square, one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. The property is divided into three large apartments, you have a large three bedroom apartment downstairs and a large three bedroom apartment upstairs, the house has also had an attic apartment conversion. The property has recently been updated and now has tenants in place in all three apartments. The two, three bedroom apartments are both paying $600 in rent and the attic apartment tenant is paying $450 in rent each month. The property is under management with a great local Cleveland property management company.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 4.7 miles from Downtown Cleveland, just 3.1 miles from the University Circle & only 2.2 miles from Shaker square. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 74,900
Gross annual rental income: $19,800
Property running costs: $4,276
(Tax, insurance and management costs)
Net annual rental income: $15,524
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years