This four bedroom house is a rare find at $97,900..
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Property DescriptionID:41702810
This two apartment multi family home is located in South Broadway which is just 5 miles from Downtown Cleveland. This property is also in the heart of Broadway Slavic Village just 1 Mile from the centre of Slavic Village, one of the most demanded areas in Cleveland due to the new build homes increasing in the area. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs.. One apartment has a tenant in place paying $600 in rent each month, The current market rent is closer to $950 – $1,250 each month. The apartment downstairs will be supplied by the seller refurbished and rental ready. The works will begin as soon as the new owner closes on the property. When complete the management company will place a brand new tenant. The apartment should achieve $950 – $1,250 in rent each month. South Broadway is just South of Slavic Village which 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. The house is less than 1 mile to the centre of Slavic village and also just bordering on the famous Garfield Heights, one of the most desirable areas in Cleveland.
Investment Calculations
Purchase price
$97,900
Gross annual rental income:
$22,200
Property running costs:(Tax, insurance and management costs)
$3,878
Net annual rental income:
$18,322
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
19%
Break even in
5.26 Years
This four bedroom house is a rare find at $97,900..