This large triplex house is located on a nice street in Woodland Hills, right next to the famous Buckeye Shaker. On the ground floor you have a large two bedroom apartment, then upstairs you have another two bedroom apartment and a separate one bedroom apartment. Both of the two bedroom apartments are tenant occupied by Section 8 tenants, the one bedroom apartment will be listed shortly for rentals. This property is under management by one of the leading Cleveland property management companies.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 5.7 miles miles from Downtown and 2.9 miles from University Circle. The house is near to the Cleveland Clinic and Shaker Square. Shaker Square has a plethora of shopping, outdoor activities, restaurants, etc.
Purchase price: $59,500
Gross annual rental income: $17,700
Property running costs: $4,970
(Tax, insurance and management costs)
Net annual rental income: $12,730
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%