This large multi-family home is located on a nice street in Corlett and is just one mile and four minutes from John Adams College, one of the leading 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 also has tenants in place in both apartments paying $700 in rent each month. The market rent is closer to $750 – $850 in rent each month. Corlett is viewed as a very central location in Cleveland Ohio, it is just 7 miles from Downtown and 5 miles from University Circle. Also just 1.5 miles away you have Lee Harvard shopping centre. The property is also just 4 minutes to John Adams College, one of the best schools in Cleveland. Investment Calculations Purchase price $83,900 Gross annual rental income: $16,800 Property running costs:(Tax, insurance and management costs) $3,144 Net annual rental income: $13,656 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 17% Break even in 5.8 Years. This property is a House for sale.
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