Eight bedroom house, City of Cleveland, USA

This fantastic large four apartment multi family home is located on a nice street in South Broadway which is just 5 miles from Downtown Cleveland. This property is also just two minutes and just a short walk to the centre of Slavic Village one of the most demanded areas in Cleveland. The property is split into four, two bedroom apartments. Three of the apartments have long term tenants in place. Two of the tenants are paying $500 in rent and the third tenant is paying $525 in rent each month. The vacant apartment has just been made rental ready and the management company will place a brand new tenant also paying $500 in rent when the new owner closes on the property. The house has recently also just had a brand new roof fitted and 4 new furnaces !

South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5 miles miles from Downtown and 5.3 miles from University Circle. The property is also just a short walk to the centre of Slavic Village. Slavic Village is going through large development projects with many new build homes also being built on vacant plots. This is one of the most up and coming areas in the City and in huge demand by investors.

Investment Calculation

Purchase price: 97,900

Gross annual rental income: $24,300

Property running costs: $4,959
(Tax, insurance and management costs)

Net annual rental income: $19,341

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

Return on investment: 20%

Break even in 5 Years