Four bedroom house, Cleveland, USA

This large multi-family home is located in Buckeye Shaker and is only four minutes and
walking distance from the centre of the famous Shaker Square. Shaker Square is one of the
biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a
cinema.
The property is divided into two large apartments, you have a large two bedroom apartment
downstairs and a large two bedroom apartment upstairs. The property has a good long
term tenant in place in the downstairs apartment paying $550 each month in rent, The
tenant is on disability allowance and the lease is good until 2024. The second apartment
needs some cosmetic repairs which are included in the price to make the unit rental ready.
The works will commence when the new owner closes on the property. The management
company will then place a brand new tenant paying $700 – $750 in rent each month.

Buckeye Shaker is seen as a very strong investment area in Cleveland, less than 1 mile
away you have the famous Shaker Square which is one of the biggest attractions in
Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema.
This property is also only 6.6 miles from Downtown and 3.2 miles from the University Circle.

Investment Calculation

Purchase price: 63,900

Gross annual rental income: $15,600

Property running costs: $2,860
(Tax, insurance and management costs)

Net annual rental income: $12,740

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 20%