This large two apartment multi family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is less than 1 mile from Glenville High School, 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. Both apartments will be renovated by Global Investments best contractors and will be supplied rent ready to a Section 8 standard. The property comes with a 2 month rental guarantee to give the new owner an immediate income while the repairs are being completed. When complete the management company will place brand new vetted tenants. Each apartment should achieve $800 – $850 in rent each month. This house when renovated would appraise for approx $120,000 which would give the new owner immediate equity. Forest Hills is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines and bike trails. The house is just 2 miles to the Famous Shoreby Club and the neighbouring community Bratenahl. Bratenahl is one of the most exclusive residential areas in Cleveland where properties can sell in the Millions. Investment Calculations Purchase price $89,900 Gross annual rental income: $20,400 Property running costs:(Tax, insurance and management costs) $3,275 Net annual rental income: $17,125 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 19% Break even in 5.26 Years. This property is a House for sale.
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