This large Six bedroom, two bathroom house is located in one of the best streets in Hough close to the shores of Lake Erie. Hough is a very demanded area in Cleveland due to its close proximity to the University Circle, the entrance is less two miles away. There are Six large bedrooms, two bathrooms, a full basement, detached garage and a large garden. The property is in great condition however the owner will be completing some additional cosmetic repairs to bring it up to a Section 8 standard. The repairs will be completed after the new owner closes on the property so there is also a one month rental guarantee included in the price. The management company will place brand new tenants when the work is completed paying $1,000 – $1,100 in rent each month.
Property Details
• Six bedrooms.
• Two Bathrooms.
• 1,806 sqft built.
• 4,082 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Great location.
Investment Details
Purchase price: 49,900
Gross annual rental income: $13,200
Property running costs: $2,720
(Tax, insurance and management costs)
Net annual rental income: $10,480
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%
Break even in 4.54 Years