This large two apartment multi-family home is located in a very nice street close to the town centre of Elyria. Elyria, Ohio is 23 miles SW of Cleveland, Ohio. It’s situated in northeastern Ohio in Lorain county. The property is split into two apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property has just been fully refurbished throughout. The property is also under management with Remax which is arguably one of the top property management companies in the world. Remax will be placing brand new tenants when the new owner closes on the property paying $575 each in rent per month.
Property Details
• Four bedrooms.
• Two Bathrooms.
• 1,799 sqft built.
• 8,712 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Tenanted.
Investment Calculation
Purchase price: 59,900
Gross annual rental income: $13,800
Property running costs: $3,052
(Tax, insurance and management costs)
Net annual rental income: $10,748
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years