Seven Bedroom House (ref. 41703569) - Houses for Sale, Real Estate - Number of Bedrooms: 7, Number of Bathrooms: 3 - Cuyahoga, Ohio, United States

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Seven Bedroom House (ref. 41703569)
Date & Time Listed: 2024-05-09 13:46:53 (GMT)

Posted in Categories: Real Estate, Houses for Sale - Number of Bedrooms: 7, Number of Bathrooms: 3
Posted From: United States, Ohio, Cuyahoga

Ad Details:

This huge three apartment multi-family home is located in Mount Pleasant right next to the local high school, it is also just seven 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 three large apartments, you have a large three bedroom apartment downstairs which is currently tenanted at $1,025 per
month. You also have another large three bedroom apartment which also has a Section 8 tenant in place paying $695 in rent each month. The tenant
currently has an application already in progress to increase the rent paid by the City to $1,000 each month. Should the application be successful as
described on the property investment details page of this brochure ( Scenario 2 ) The rent would increase to $1,000 each month giving the new owner a
massive 41% yearly rate of return. Should the application be denied, worst case ( Scenario 1 ) the new owner will maintain a reliable long term tenant and
still a fantastic yearly rate of return of 32% based on a 70% Mortgage.
The attic apartment is a one bedroom apartment and has just been updated and made rent ready. The management company will place a brand new
tenant when the new owner closes on the property. The apartment should achieve $800 – $900 in rent each month. The tenant could also be Section 8.
Mount Pleasant is seen as a very strong investment area in Cleveland, just 2 miles away you Shaker Square which is one of the biggest attractions in
Cleveland. The house is also just 1 street from the famous Shaker Heights, one of the most desirable areas in Cleveland. The house is just 1.6 miles from
Shaker Heights High School.
Investment Calculations
Purchase price
$147,900
Gross annual rental income:
$30,240
Property running costs:(Tax, insurance and management costs)
$15,192
Net annual rental income:
$15,048
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
32%
Break even in
3.1 Years.
This property is a House for sale.

Other Details:

Number of Bedrooms: 7
Number of Bathrooms: 3

Price: 147,900.00 USD

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Posted in Categories: Real Estate, Houses for Sale - Number of Bedrooms: 7, Number of Bathrooms: 3 Posted From: United States, Ohio, Cuyahoga

Posted in Categories: Real Estate, Houses for Sale - Number of Bedrooms: 7, Number of Bathrooms: 3
Posted From: United States, Ohio, Cuyahoga