This five bedroom multi u nit is amazing value at $94,900..
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Property DescriptionID:41700823
This fantastic two apartment multi family home is located on a nice street in St.Clair-Superior which is just 2.5 miles to Downtown Cleveland. Properties close to the City rarely come onto the market at the right price as there is huge potential for future capital appreciation. The property is divided into two large apartments, you have a large three bedroom apartment downstairs and a large two bedroom apartment upstairs. The property in in immaculate condition and has a brand new roof, new vinyl siding all new windows and also has air conditioning which is a rare feature for rentals .The property is now vacant and rent ready. The management company will place brand new vetted tenants when the new owner closes on the property. The downstairs 3 bedroom should rent for $1,200 each month and the two bed upstairs should rent for $800 each month. The tenants could also bed Section 8 housing. St.Clair-Superior is an extremely well located suburb which is just 2.5 miles East of the centre of downtown. The property is very close to Burke Lakefront Airport just to the North. Due to the proximity of the City and every amenity possible this area is very highly demanded for rentals.
Investment Calculations
Purchase price
$94,900
Gross annual rental income:
$24,000
Property running costs:(Tax, insurance and management costs)
$3,818
Net annual rental income:
$20,182
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
22%
Break even in
4,54 Years.
This five bedroom multi u nit is amazing value at $94,900..