Added On :
City of Cleveland, USA
05 Nov 2018
£ 37,486 / € 43,114 / $ 48,900
This large four bedroom house is amazing value at $48,900 for two apartments...
This large multi-family home is located on a very nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and five minutes from Collingwood High School. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments are in a great condition and both are tenant occupied, the total rent is $14,400 per year .This property is under management by a great local management company.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, this property is only 8.9 miles from Downtown.
Purchase price: 48,900
Gross annual rental income: $14,400
Property running costs: $3,390
(Tax, insurance and management costs)
Net annual rental income: $11,010
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%