This large multi-family home is located on a nice street in Corlett and is less than one mile and just a short walk to John Adams College, one of the leading schools in Cleveland. The property is divided into two large apartments. You have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. The property has a tenant in place in one apartment paying $550 in rent each month. The market rent is closer to $1,000 – $1,250 in rent each month with Section 8 housing. The second apartment will be supplied by the seller refurbished and rent ready to a Section 8 standard. The funds are included in the price and the works will begin as soon as the new owner closes on the property. When complete the management company will place a brand new vetted tenant, the apartment should achieve $1,000 – $1,250 in rent each month with Section 8 housing. Corlett is viewed as a very central location in Cleveland Ohio, it is just 7 miles from Downtown and 5 miles from University Circle. Also just 2 miles away you have Lee Harvard shopping centre. The property is also just 2 minutes to John Adams College, one of the best schools in Cleveland. Investment Calculations Purchase price $91,900 Gross annual rental income: $21,600 Property running costs:(Tax, insurance and management costs) $3,824 Net annual rental income: $17,776 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 20% Break even in 5 Years. This property is a House for sale.
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