This huge multi-family home is located on a nice street in South-Collinwood, it is just five minutes from the Lakeshore and three minutes from Collingwood High School, one of the best schools in Cleveland. The property is divided into two large apartments, upstairs you have a three bedroom apartment with two bathrooms with rent of $675 per month. Downstairs you have a two bedroom apartment with rent of $575 per month. The property has had many recent upgrades including a new roof, new windows, new garage and air conditioning in both apartments. This property is under management by a great local management company.
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, this property is only 8.8 miles from Downtown.
Purchase price: 53,900
Gross annual rental income: $15,000
Property running costs: $3,508
(Tax, insurance and management costs)
Net annual rental income: $11,492
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%