This large multi-family home is located in Mount Pleasant and is only five minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large four bedroom apartment upstairs. The property is being completely refurbished throughout. The management company will be placing brand new tenants when the new owner closes on the property, the total rent per month will be $1,100 – $1.200 each month.
Property Details
• Six bedrooms.
• Two bathrooms.
• 1,764 sqft built.
• 4,800 sqft lot.
• Fully managed.
• Local staff.
• Tenanted.
• Garden.
Investment Calculation
Purchase price: 52,900
Gross annual rental income: $14,400
Property running costs: $2,911
(Tax, insurance and management costs)
Net annual rental income: $11,489
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%
Break even in 4.54 Years