This nice four bedroom single family home is located in Forest Hills close to the shores of Lake Erie and is just a short walk to Glenville High School, one of the best schools in Cleveland. The property has three bedrooms, one bathroom, a full converted basement and a large rear garden with a detached garage, The house has tenants in place paying $750 in rent each month and is under management with a great local Cleveland property management company. The current market rent with Section 8 housing can reach up to $1,600 each month. Forest Hills is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines and bike trails. The house is just 1.5 miles to the Famous Shoreby Club and the neighbouring community Bratenahl. Bratenahl is one of the most exclusive residential areas in Cleveland where properties can sell in the Millions. Investment Calculations Purchase price $53,900 Gross annual rental income: $9,000 Property running costs:(Tax, insurance and management costs) $2,337 Net annual rental income: $6,663 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 13% Break even in 7.69 Years This property is a House for sale.
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