This large multi-family home is located in a nice street in Union – Miles Park which is a great neighbourhood in Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes from John Adams College And Career Academy, 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 two bedroom apartment upstairs. The property has just been updated inside and out and has new tenants in place paying $550 each in rent per Month. The property is under management by a great local Cleveland management company.
Property Details
• Four bedrooms.
• Two bathrooms
• 1,728 sqft built.
• 5,148 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Tenanted.
Investment Calculation
Purchase price: 49,900
Gross annual rental income: $13,200
Property running costs: $2,793
(Tax, insurance and management costs)
Net annual rental income: $10,407
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%
Break even in 4.76 Years