Added On :
City of Cleveland, USA
03 Dec 2018
£ 33,868 / € 38,348 / $ 42,900
This large three bedroom house is amazing value at $42,900...
This three bedroom house is located on a nice street in Forest Hills close to the shores of Lake Erie and only a 1 mile from Glenville High School, which is one of the best schools in Cleveland. This property is currently undergoing a refurbishment and once the work is completed one of the leading management companies in Cleveland will place a tenant who will be paying $850 rent per month.
Forest Hills is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 6 miles from Downtown and 2.4 miles from the University Circle.
Purchase price: 42,900
Gross annual rental income: $10,200
Property running costs: $2,190
(Tax, insurance and management costs)
Net annual rental income: $8,010
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%