Three bedroom house, City of Cleveland, USA

This large multi-family home is located on a very nice street in Kinsman which is just
4.8 miles from Downtown Cleveland. This property is also just 2 miles from Slavic
Village one of the most demanded areas in Cleveland.
The property is split into two apartments. The apartment downstairs has a Section 8
tenant in place paying $495 inn rent each month. This rent is below market value so
could be increased in the future. The second apartment will be supplied rental
ready to a Section 8 standard. The management company will place brand new
tenants when the new owner closes on the property paying $600 – $650 in rent each
month. This apartment could be Section or Private, the decision will be for the new
owner.

Kinsman is viewed as a very central location in Cleveland Ohio, it is just 5 miles from
Downtown Cleveland, just 3 miles from the University Circle. The property is also
just 2 miles from Slavic Village. Slavic Village is going through large development
projects. This is one of the most up and coming areas in the City and in huge
demand by investors.

Investment Calculation

Purchase price: 62,900

Gross annual rental income: $13,740

Property running costs: $2,483
(Tax, insurance and management costs)

Net annual rental income: $11,257

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

Return on investment: 18%