This large two apartment multi-family home is located in the sought after area of Glenville, just seven minutes from Glenville High School which is one of the best schools in Cleveland. The property is divided into two large apartments. You have a large two bedroom apartment downstairs and a large three bedroom apartment upstairs. There is one good long term tenant in place in the downstairs tenant paying $650 in rent each month. The upstairs three bedroom apartment is being refurbished to a Section 8 standard and the management company will place brand new tenants when the new owner closes on the property paying $700 – $750 in rent per month. The tenants can either be Section 8 or private and will be the decision of the new owner.
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 neighbourhoods on the Northside. This property is extremely well located within walking distance of The University circle.
Purchase price: 64,900
Gross annual rental income: $16,800
Property running costs: $3,880
(Tax, insurance and management costs)
Net annual rental income: $12,920
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years