This large two apartment multi family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a two minute drive and walking distance from Glenville High School, 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 both apartments and the total monthly rental income if $1,275 each month. The property is under management with a great local Cleveland management company. 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 walking distance to Forest Hills Park, a historic urban park that was a portion of John D. Rockefeller’s estate. The 248-acre (1.00 km2) park has six baseball diamonds (four lit), six lit tennis courts and three walking trails that have retained the natural green space. Investment Calculation Purchase price: 64,900 Gross annual rental income: $15,300 Property running costs: $2,907 (Tax, insurance and management costs) Net annual rental income: $12,393 Investment calculation - Net Income divided by Purchase price = NET ROI. Return on investment: 20% Break even in 5 Years This property is a Townhouse for sale.
Other Details: Number of Bedrooms: 6, Number of Bathrooms: 2