This large four bedroom, two bathroom multi family house is located in one of the best streets in Hough close to the shores of Lake Erie. Hough is a very demanded area in Cleveland due to its close proximity to the University Circle. The property is split into two large 2 bedroom apartments, The property has just been updated inside throughout to a good rental ready standard including newer hot water tanks and furnaces. The management company will place brand new tenants, each paying $550 per month when the new owner closes on the property.
Property Details
• Four bedrooms.
• Two Bathrooms
• 1,928 sqft built.
• 4,861 sqft lot.
• Fully managed.
• Local staff
• Garden.
• Tenanted.
Investment Calculation
Purchase price: 43,900
Gross annual rental income: $13,200
Property running costs: $2,320
(Tax, insurance and management costs)
Net annual rental income: $10,880
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 26%
Break even in 3.84 Years
