This two bedroom house is a rare find at $61,900..
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Property DescriptionID:41702808
This two bedroom single family home is located in Broadway/Slavic Village which is just 5 miles from Downtown Cleveland. This property is also less than one mile from the centre of Slavic Village and right on the border of Newburgh Heights, a very affluent area of Cleveland. The property has two bedrooms, one bathroom, a full basement and a large side garden. The property has tenants in place paying $1,000 in rent each month. The tenants have resided in the house for 2 years. The house is under management with a great local Cleveland property management company. Broadway/Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors due to new build properties increasing the value of the properties in the surrounding areas.
Investment Calculations
Purchase price
$61,900
Gross annual rental income:
$12,000
Property running costs:(Tax, insurance and management costs)
$2,939
Net annual rental income:
$9,061
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
15%
Break even in
6.6 Years.
This two bedroom house is a rare find at $61,900..