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Four Bedroom House (ref. 40130174)
Date & Time Listed: 2020-04-27 11:08:14 (GMT)
This fantastic two apartment multi family home is located on a nice street in South Broadway which is less than two miles from Slavic Village one of the most demanded areas 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 fully refurbished throughout to a Section 8 standard including two new hot water tanks and two new furnaces. The management company will place brand new tenants when the new owner closes on the property paying $600 – $650 each month in rent. The tenants can either be Section 8 or private tenants, the decision will be down to the new owner.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 8.1 miles miles from Downtown and 5.5 miles from University Circle. The property is also just 2 miles from Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 64,900
Gross annual rental income: $15,600
Property running costs: $3,360
(Tax, insurance and management costs)
Net annual rental income: $12,240
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years
This property is a Townhouse for sale.
Number of Bedrooms: 4
Number of Bathrooms: 2
Price: 64,900.00 USD
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