Six bedroom house, City of Cleveland, USA

This large two apartment multi family home is located on a nice street in East Cleveland only
1 mile and walking distance to the centre of Little Italy. Little Italy is full of old-school Italian
cafes, bakeries and pizzerias, as well as elegant trattorias where singers perform opera
arias.
The property is divided into two large three bedroom apartments sitting side by side. The
house also comes included in the price a brand new roof. One apartment has a tenant in
place paying $585 in rent each month. The second apartment is now vacant and has been
made rental ready. The management company will place brand new tenants when the new
owner closes on the property. The market rent is approx $750 – $800 each month.

East Cleveland is seen as a very strong investment area in Cleveland, this area is surrounded
by some great neighbourhoods like University Heights, Glenville, South Collinwood and
Cleveland Heights. This house is very well located, walking distance to Little Italy as well as
only 1.2 miles to the University Circle. The University Circle has the highest concentration of
cultural attractions and performing arts venues in the whole of the US, such as the Cleveland
Museum of Art; Severance Hall, Cleveland Institute of Art, plus many more.

Investment Calculation

Purchase price: $65,900

Gross annual rental income: $16,620

Property running costs: $3,212
(Tax, insurance and management costs)

Net annual rental income: $12,988

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

Return on investment: 21%