This large two bedroom house is amazing value at only $38,900 and also tenanted..
This two bedroom house is very well located, the area is called Puritas Longmead which is a highly demanded rental area in Cleveland. It is just minutes from the local high school, highway access and surrounding suburbs of Parma Brookpark and Brooklyn. The house has just been updated throughout including a new furnace and hot water tank. The management company have just finished screening tenants and a new tenant will be placed in 10 days time. This property is under management by one of the leading Cleveland property management companies.
Puritas Longmead is viewed as a very central location in Cleveland Ohio, it is just 10 minutes from the main Airport and 11 miles from Downtown. It is viewed as a quiet neighbourhood with great schools and lots of local amenities.
Purchase price: $38,900
Gross annual rental income: $9,000
Property running costs: $2,214
(Tax, insurance and management costs)
Net annual rental income: $6,786
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%