This four bedroom multi unit is amazing value at $87,900..
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Property DescriptionID:41700102
This large two apartment multi family home is located on a nice street in Forest Hills close to the shores of Lake Erie and just a 4 minutes drive from Glenville High School, one of the best schools in Cleveland. 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 also has tenants in place in both apartments each paying $800 in rent each month. The house is under management with a great local Cleveland property managment company. 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 just 2 miles to the Famous Shoreby Club and the neighbouring community Bratenahl. Bratenahl is one of the most exclusive residential areas in Cleveland where properties can sell in the Millions.
Investment Calculations
Purchase price
$87,900
Gross annual rental income:
$19,200
Property running costs:(Tax, insurance and management costs)
$3,520
Net annual rental income:
$15,680
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
18%
Break even in
5.5 Years.
This four bedroom multi unit is amazing value at $87,900..