This four bedroom multi unit is a rare find at $99,900..
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Property DescriptionID:41699666
This large multi-family home is located on a very nice street in Woodland Hills, right next to the Woodland Homes district just on the boarder of Buckeye Shaker. The house is just 2 miles from the entrance to the world famous Cleveland Clinic.. 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 is now vacant. Included in the price are the cosmetic repairs needed to bring both apartments up to a good rental ready condition. The works will begin as soon as the new owner closes on the property. The management company will place brand new vetted tenants when the works are completed. Each apartment should achieve $800 – $950 in rent each month. Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 5 miles from Downtown Cleveland, just 2 miles from the University Circle & only 1 mile from Shaker square. There are many new built homes being built in this area, increasing the value or surrounding properties with a good potential for capital appreciation. New builds are selling for over $300,000.
Investment Calculations
Purchase price
$99,900
Gross annual rental income:
$22,800
Property running costs:(Tax, insurance and management costs)
$3,695
Net annual rental income:
$19,105
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
20%
Break even in
5 Years.
This four bedroom multi unit is a rare find at $99,900..