Three bedroom house, City of Cleveland, USA

This lovely three bedroom house is located on a nice street in Maple Heights which is a great
neighbourhood in Cleveland, this area is close to Lee Miles, Garfield Heights and is just 1.4 miles to
Maple Heights high school.
This property consists of three bedrooms, one bathroom, a full basement and a large rear garden with
a detached double garage. The house is currently vacant and is in need of being made rental ready.
The approx cost to bring the property to a rental ready condition is $15,000 of which the buyer would
need to supply. Contractor would be able to start the work after the new owner closes on the property.
After the work is completed the market value for this house would be in the region of $130 – $140,000
giving the buyer an immediate equity of $35 – $45,000 The management company could place brand
new vetted tenants paying $1,200 – $1,300 in rent each month.

Maple Heights is viewed as one of the best areas of Cleveland. The property is just 1.4 miles to Maple
Heights high school. The high school is very well known and respected in the area. A new 5,000
capacity stadium with artificial turf and an all-weather track opened in 2014, home of the Maple Heights
Mustangs.

Investment Calculation

Purchase price: $81,900

Gross annual rental income: $15,600

Property running costs: $3,301
(Tax, insurance and management costs)

Net annual rental income: $12,299

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

Return on investment: 13%