This large multi-family home is located in Mount Pleasant and is only seven minutes from the centre of Shaker Heights. Shaker Heights is one of the top neighbourhoods in Cleveland, properties can range in the Millions. This property borders on the edge of Mt Pleasant and is literally 1 street from Shaker Heights.
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 has two good tenants already in place both paying $600 in rent each month.
The property is managed by a great local management company.
Property Details
• Six bedrooms.
• Two bathrooms
• 2,604 sqft built.
• 5,320 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 57,900
Gross annual rental income: $14,400
Property running costs: $3,340
(Tax, insurance and management costs)
Net annual rental income: $11,060
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years