This very nice large two bedroom single family home is located on a nice street in Forest Hills close to the shores of Lake Erie and just 1 mile from Glenville High School, one of the best schools in Cleveland. The property has 2 bedrooms, one bathroom, a full basement and a large rear garden. The property has just been refurbished and made rental ready to a Section 8 standard. The management company will place brand new tenants when the new owner closes on the property. The current market rate with Section 8 is $1,000 – $1,250 each month. 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 less than 2 miles to Forest Hills Park, a historic urban park that was a portion of John D. Rockefeller’s estate. The 248-acre (1.00 km2) park has six baseball diamonds (four lit), six lit tennis courts and three walking trails that have retained the natural green space.
Investment Calculations
Purchase price
$59,900
Gross annual rental income:
$15,000
Property running costs:(Tax, insurance and management costs)
$2,402
Net annual rental income:
$12,598
Investment calculation - Net Income divided by Purchase price = NET ROI.