This four bedroom multi unit is amazing value at $84,900..
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Property DescriptionID:41700673
This large two apartment multi family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is less than 1 mile 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 has recently had 2 new furnaces and also 2 new hot water tanks. One apartment has a good tenant that has been in place since 2019 paying $750 in rent each month. The upstairs apartment has just been renovated and made rental ready. The management company will place brand new tenants when the new owner closes on the property paying $800 in rent 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 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
$84,900
Gross annual rental income:
$18,600
Property running costs:(Tax, insurance and management costs)
$3,660
Net annual rental income:
$14,940
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 $84,900..