This large two apartment multi family home is located in one of the nicest parts of Hough,
close to the shores of Lake Erie. Hough is a very demanded area in Cleveland due to its
close proximity to the University Circle, the entrance is less than 1.5 miles away.
The property is divided into two large apartments sitting side by side. You have a large
four bedroom apartment on the left and a large four bedroom apartment on the right.
Both apartments will be supplied vacant. There are some small cosmetic repairs
included in the price that will be completed after the new owner closes on the property to
make both apartments rental ready. The management company will then place brand
new screened tenants into both apartments. Each unit should achieve $850 in rent per
Hough is seen as a very strong investment area in Cleveland, it is close to the Waterloo
District, Euclid, Bratenahl and the I90 (highway It is also just 1.4 miles from the University
Circle. The University Circle has the highest concentration of cultural attractions and
performing arts venues in the whole of the US, such as the Cleveland Museum of Art;
Severance Hall, Cleveland Institute of Art, plus many more.
Purchase price: 84,900
Gross annual rental income: $20,400
Property running costs: $3,642
(Tax, insurance and management costs)
Net annual rental income: $16,758
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years