This six bedroom house is amazing value at $77,900...
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Property DescriptionID:41699019
This large multi-family home is located in the sought after area of Glenville, just four minutes from Glenville High School which is one of the best schools in Cleveland.. The property is divided into two large apartments. You have a large three bedroom apartment downstairs and a large three bedroom apartment upstairs. The property also has tenants in place in both apartments paying $650 in rent each month. The market rent is closer to $850 in rent each month. Glenville is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway). The property is also very well positioned directly opposite the Cleveland Lakefront Nature Preserve. The house is also within Greater Circle Living (GCL) which is a part of the larger Greater University Circle Initiative, comprehensive community-building and development strategy for rental and purchase housing options in Greater University Circle neighbourhood’s.
Investment Calculations
Purchase price
$77,900
Gross annual rental income:
$15,600
Property running costs:(Tax, insurance and management costs)
$2,887
Net annual rental income:
$12,713
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
17%
Break even in
5.8 Years.
This six bedroom house is amazing value at $77,900...