Added On :
City of Cleveland, USA
03 Jul 2019
£ 84,429 / € 92,269 / $ 99,900
This huge nine bedroom house is amazing value at $99,900...
This is a unique opportunity to buy two large multifamily homes on the same lot. The properties are located on a very nice street in Woodland Hills just four minutes from the famous Shaker Square, one of the biggest attractions in Cleveland. The property was last sold for $250,000 Both properties have been updated and had a lot of renovations added including 4 new tanks, 4 new furnaces, 90-95% new windows, All new electrics, the back duplex has a brand new roof and both buildings have new vinyl siding. Two of the four apartments have just been rented and now have good tenants in place paying $550 each per month in rent. There are two further apartments, one two bedroom and one three bedroom which the management company are screening for tenants now that will Both be paying $600 in rent.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 4.7 miles from Downtown Cleveland, just 2.3 miles from the University Circle & only 1.3 miles from Shaker square. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 99,900
Gross annual rental income: $27,600
Property running costs: $5,833
(Tax, insurance and management costs)
Net annual rental income: $21,767
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%