Six bedroom house, City of Cleveland, USA

This very large two 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 divided into two large apartments, you have a large three bedroom
apartment downstairs and a large three bedroom apartment upstairs, The property has
good long term tenants in place in the upper apartment paying $575 in rent each month.
This rent could be increased should the tenant leave as it is much lower than the current
market rent. The downstairs apartment has $10,000 included in the price to bring it up to
a good rental ready standard. The work will begin as soon as the new owner closes on
the property, The management company will then place a brand new vetted tenant
paying $800 – $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
just 2 doors down from a very nice Elementary School, one of the best in the area.

Investment Calculation

Purchase price: 74,900

Gross annual rental income: $17,100

Property running costs: $3,210
(Tax, insurance and management costs)

Net annual rental income: $13,890

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 19%