This large five bedroom house is located on a nice street in the sought after area of Glenville, just six minutes from Glenville High School and is only a short distance from the Lakefront. There are five large bedrooms, a full basement, large dining room with a fireplace and a large garden. This property comes tenant occupied, the tenants are paying $800 rent a month. This property is under management by a great local company.
Glenville 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, bike trails, and allows access to the beach parks in the neighborhoods on the Northside. It is also just 4.8 miles from Downtown and 1.8 miles from the University Circle.
Purchase price: 39,900
Gross annual rental income: $9,000
Property running costs: $2,546
(Tax, insurance and management costs)
Net annual rental income: $7,054
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%