This large multi-family home is located in Mount Pleasant and is only six minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. 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 a good long term tenant in place in the upper apartment paying $575 in rent each month. The lower apartment is just being refurbished to a Section 8 standard and the management company will place brand new tenants when the new owner closes on the property paying $600 in rent each month. The new tenant can be either private or Section 8 housing, the new owner will decide.
Property Details
• Four bedrooms.
• Two bathrooms
• 2,130 sqft built.
• 4,865 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Great location.
Investment Calculation
Purchase price: 55,900
Gross annual rental income: $14,100
Property running costs: $3,050
(Tax, insurance and management costs)
Net annual rental income: $11,050
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years