This fantastic large 3 bedroom single-family home is located in in a very nice street close to the town centre of Elyria. Elyria, Ohio is 23 miles and just 30 minutes SW of Cleveland, Ohio. It’s situated in northeastern Ohio in Lorain county. The property has three bedrooms, one bathroom, a full basement and a large rear garden. The property has tenants in place paying $1,250 in rent each month. The tenants are Section 8 housing so the rent is paid direct to the landlord by the City. The house is under management with a great local Elyria property management company. The property is just 1.8 miles to Downtown Elyria. Downtown Elyria has an abundance of amenities such as grocery stores, restaurants and coffee shops. Top attractions in Elyria include the Black River Reservation,The Hickories Museum & The Midway Mall, a 1.1 million square foot regional shopping mall that people drive from Cleveland City to visit. Investment Calculations Purchase price $91,900 Gross annual rental income: $15,000 Property running costs:(Tax, insurance and management costs) $3,566 Net annual rental income: $11,434 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 13% Break even in 7.69 Years. This property is a House for sale.
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