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 three minute drive from Glenville High
School, 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 with an attic
The property will be provided rent ready to the new buyer. The management company
will place brand new tenants when the new owner closes on the property. The total
monthly rental income should be approx $1,550 each month.
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 just 1 mile to the Famous Shoreby Club and the
neighbouring community Bratenahl. Bratenahl one of the most exclusive residential
areas in Cleveland where properties can sell in the Millions.
Purchase price: 78,900
Gross annual rental income: $18,600
Property running costs: $3,150
(Tax, insurance and management costs)
Net annual rental income: $15,450
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years