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41702310 - Buy a House in USA, Ohio, Cuyahoga County, City of Cleveland

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Five bedroom house

Property Information

Type: House Property ID: 41702310
Location: City of Cleveland, USA Added on: 20 Mar 2024
Price: £101,822

Short Description

This five bedroom multi unit is a rare find at $119,900..

Key Information

  • Property ID: 41702310
  • Location: City of Cleveland
  • Property Type: House
  • Prices: £ 101,822 / € 116,317 / $ 119,900

Full Description

This large multi-family home is located in Union – Miles Park which is a great neighbourhood in
Cleveland, this area is close to Mount Pleasant and Slavic Village. It is also just a few minutes to John
Adams College And Career Academy, which is one of the best schools in Cleveland.
The property is divided into two large apartments, you have a large two bedroom apartment
downstairs and a large three bedroom apartment upstairs. Both apartments are now vacant and will
be supplied by the seller rental ready to a Section 8 standard. The final repairs will begin when the
new owner closes on the property. The management company will then place brand new tenants.
The market rate for a two bedroom apartment currently is $950 – $1,200 and a three bedroom
apartment $1,000 – $1,200 each month with Section 8 housing.
Union – Miles Park is viewed as a very central location in Cleveland Ohio, it is just 6 miles from
Downtown and 5 miles from University Circle. University Circle has the highest concentration of
cultural attractions and performing arts venues in the whole of the US. The house is also just 1 mile
to John. Adams College and Career Academy.

Investment Calculations
Purchase price
$119,900
Gross annual rental income:
$30,000
Property running costs:(Tax, insurance and management costs)
$4,754
Net annual rental income:
$25,246
Investment calculation - Net Income divided by Purchase price = NET ROI.

Return of investment

21%

Break even in

4.76 Years.

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  • House
  • 5 bedrooms
  • USA
  • City of Cleveland
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