This large two apartment multi family home is located on a nice street in South Broadway which
is just 5.3 miles from Downtown Cleveland. This property is also just four minutes and less than a
mile to the centre of Slavic Village one of the most demanded areas in Cleveland.
The property is split into two apartments. You have a large two bedroom apartment downstairs
and a large three bedroom apartment upstairs. The property has tenants already in place in one
apartment. The tenant is Section 8 housing paying $500 in rent each month. The Section 8 tenant
has also applied for a rent increase, should the application be successful it would increase the
ROI. The Second apartment needs some small cosmetic repairs to be made rental ready. The
repairs are included in the price and will be completed after the new owner closes on the
property. The management will then place brand new tenants paying $750 in rent each month.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5.3 miles miles
from Downtown and 6.4 miles from University Circle. The property is also only 1 mile to the centre
of Slavic Village. Slavic Village is going through large development projects with many new build
homes also being built on vacant plots. This is one of the most up and coming areas in the City
and in huge demand by investors.
Purchase price: 61,900
Gross annual rental income: $15,000
Property running costs: $2,963
(Tax, insurance and management costs)
Net annual rental income: $12,037
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years