This Huge four apartment multi-family home is located in the sought after area of Glenville, just five minutes from Glenville High School which is one of the best schools in Cleveland. The property is also very well positioned, directly opposite the Cleveland Metroparks lakefront, a beautiful nature reserve. The property is divided into four large two bedroom apartments. Included in the price is $10,000 for some final cosmetic repairs needed to make two of the apartments rental ready for new tenants. The other two apartments already have good tenants in place paying $600 each in rent per month. The property is under management with a great local company.
Property Details
• Eight bedrooms.
• Four Bathrooms
• 5,823 sqft built.
• 3,999 sqft lot.
• Fully managed.
• Local staff.
• Tenanted.
• Garden.
Investment Calculation
Purchase price: 104,900
Gross annual rental income: $28,800
Property running costs: $4,220
(Tax, insurance and management costs)
Net annual rental income: $24,580
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%
Break even in 4.16 Years