Added On :
City of Cleveland, USA
13 Oct 2021
£ 55,160 / € 61,429 / $ 74,900
This large six bedroom multi unit is a rare find at $74,900..
This large multi-family home is located on a nice street in the sought after area of
South-Collinwood, it is just five minutes from the Lakeshore and four minutes and
a short walk to Collingwood High School, one of the best schools in Cleveland.
The property is divided into two very large apartments, you have a large four
bedroom apartment upstairs and a large two bedroom apartment downstairs.
The property has a long term tenant in place in the lower apartment paying $575
in rent each month. The upper apartment is currently being refurbished and the
management company will be placing brand new tenants when the new owner
closes on the property paying $800 – $850 in rent each month.
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, The property is just 2 miles and just 5
minutes from the famous Euclid Avenue where you will find many shops,
restaurants, hotel chains & the town hall.
Purchase price: 74,900
Gross annual rental income: $17,100
Property running costs: $3,410
(Tax, insurance and management costs)
Net annual rental income: $13,690
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%
Break even in 5.26 Years