Added On :
City of Cleveland, USA
12 Mar 2018
£ 29,820 / € 34,297 / $ 38,900
This large three bedroom house is amazing value at only $38,900 and also tenanted..
This large three bedroom house is very well located, the area is called Detroit Shoreway and it is just 5.3 miles from Downtown Cleveland. This property was updated in 2016 before the existing tenants moved into the property, there is a new roof, new windows, new paint and carpets, an updated kitchen and bathroom and a large side garden. The property is Section 8 approved and tenanted and the rent is $727 a month. This property is managed by one of the leading Cleveland property management companies.
Detroit Shoreway is a very well kept busy area in the city of Cleveland, it is close to the Lakefront and also very close to Downtown. The University Circle is only 9 miles away which 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; Case Western Reserve University, plus many more.
Purchase price: $38,900
Gross annual rental income: $8,724
Property running costs: $2,124
(Tax, insurance and management costs)
Net annual rental income: $6,600
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 17%