This Huge Four 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 three minutes and less than a mile from Collingwood High School, one of the best schools in Cleveland. The property is divided into four large two bedroom apartments, Two of the apartments are now tenant occupied and the tenants are paying $575 in rent each month. The two vacant apartments have just been made rental ready and the management company will be placing brand new tenants when the new owner closes on the property paying $600 in rent each month. The property is under management by a great local management company.
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,
Purchase price: 106,900
Gross annual rental income: $28,200
Property running costs: $7,632
(Tax, insurance and management costs)
Net annual rental income: $20,568
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%