This is a unique opportunity to buy a large multifamily home and a single family home on the same lot which is just 0.2 miles and a 4 minute walk from Slavic Village one of the most demanded areas in Cleveland There is a tenant living in the multi family house paying $550 rent per month, The second apartment is nearly rental ready and there will be a tenant moving in shortly paying $600 per month. The management company is just screening clients to rent the back single family home for $600 per month. The property is managed by a great local Cleveland management company.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 4.5 miles miles from Downtown and 5.4 miles from University Circle. The property is also just 0.2 miles from Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 74,900
Gross annual rental income: $21,000
Property running costs: $4,500
(Tax, insurance and management costs)
Net annual rental income: $16,500
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%