Added On :
City of Cleveland, USA
17 Apr 2019
£ 38,792 / € 42,394 / $ 45,900
This large three bedroom house is a rare find at $45,900...
This fantastic three bedroom home is located in the area of North-Collinwood, it is just a ten minute walk to Manhattan Beach and just 1.2 miles and four minutes from Collingwood High School, one of the best schools in Cleveland. The property is tenant occupied and it is being kept in great condition. The tenants are paying $850 rent per month. The property is under management by a great local management company.
North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and entertainment district with concert venues, music stores, restaurants, bars, a bocce court and, hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is very high.
Purchase price: 45,900
Gross annual rental income: $10,200
Property running costs: $2,322
(Tax, insurance and management costs)
Net annual rental income: $7,878
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%