Four bedroom house, City of Cleveland, USA

This is a unique opportunity to buy two properties on the same lot located on a nice street in Broadway/Slavic Village which is just 4.2 miles from Downtown Cleveland. This property is also less than half a mle from the centre of Slavic Village. 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 very good long term tenants that have resided in the upper apartment for 10 years paying $550 in rent each month. This is below the market rent so should the tenant leave at any time in the future the rent could easily be increased. The second apartment downstairs has been made rental ready and the management company will place brand new tenants when the new owner closes on the property paying $750 in rent each month.

Newburgh Heights is viewed as a very central location in Cleveland Ohio, it is just 5.1 miles from Downtown and 6.4 miles from University Circle. The property is also just one mile from the centre of Slavic Village which is going through large development projects which also includes many new build homes cropping up in the surrounding areas. This is one of the most up and coming areas in the City and in huge demand by investors.

Investment Calculation

Purchase price: 78,900

Gross annual rental income: $15,600

Property running costs: $3,760
(Tax, insurance and management costs)

Net annual rental income: $11,840

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

Return on investment: 16%

Break even in 6.25 Years