Added On :
City of Cleveland, USA
03 May 2022
£ 75,496 / € 86,244 / $ 88,900
This large four bedroom multi unit is amazing value at $88,900..
This large two apartment multi family home is located on a nice street in Forest Hills
close to the shores of Lake Erie and is only a five minute drive from Glenville High
School, one of the best schools in Cleveland.
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 have good tenants in place keeping the property in good condition
paying $800 in rent each month. The house is under management with a great local
Cleveland property management company.
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 and bike trails. The house is walking distance to Forest Hills Park, a
historic urban park that was a portion of John D. Rockefeller’s estate. The 248-acre
(1.00 km2) park has six baseball diamonds (four lit), six lit tennis courts and three
walking trails that have retained the natural green space.
Purchase price: 88,900
Gross annual rental income: $19,200
Property running costs: $3,461
(Tax, insurance and management costs)
Net annual rental income: $15,739
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years