This large five bedroom multi family house is located on a nice street in the sought after
area of Glenville, just five 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. The property is
currently being updated inside and being made rental ready to a good standard.
The management company will place brand new tenants when the new owner closes on
the property each paying $650 – $700 in rent each month..
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. It is
also just 4.4 miles from Downtown and just 2.1 miles from the University Circle. This house
is very well situated right next door to Michael R White Elementary School.
Purchase price: 64,900
Gross annual rental income: $16,800
Property running costs: $2,999
(Tax, insurance and management costs)
Net annual rental income: $13,801
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%
Break even in 4.54 Years