This large multi-family home is located on a nice street in Corlett and is just one mile and four minutes from John Adams College, one of the leading 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. Both apartments will be renovated by Global Investments best contractors and will be supplied rent ready to a Section 8 standard. The property comes with a 2 month rental guarantee to give the new owner an immediate income while the repairs are being completed. When complete the management company will place brand new vetted tenants. Each apartment should achieve $950 – $1,100 in rent each month. This house when renovated would appraise for approx $130,000 which would give the new owner immediate equity. Corlett is viewed as a very central location in Cleveland Ohio, it is just 7 miles from Downtown and 5 miles from University Circle. Also just 1.5 miles away you have Lee Harvard shopping centre. The property is also just 4 minutes to John Adams College, one of the best schools in Cleveland.
Investment Calculations
Purchase price
$99,900
Gross annual rental income:
$26,400
Property running costs:(Tax, insurance and management costs)
$4,062
Net annual rental income:
$22,338
Investment calculation - Net Income divided by Purchase price = NET ROI.