This week we have found another Cleveland turnkey property… and it’s a duplex! It’s obvious why everyone loves Cleveland… the city was named “America’s Hottest City” in 2016 by Forbes, at least partially because of being named Top 15 U.S. Cities for College Grads in 2018 and one of the Top 20 Places in the WORLD to Visit in 2018 by National Geographic.
Not to mention home prices are on the rise but still below the pre-recession peak, so you can get in early and lock in premium price-to-rent ratios. And this one is double the cash flow with $823 (conservatively estimated) coming to your pocket every month! Check it out, and if you’re interested in buying this or a property like it, just contact Melissa at firstname.lastname@example.org. But hurry! These properties are going fast…
Location: Cleveland, OH
Built In: 1962 (fully renovated)
Purchase price: $82,000 (not a foreclosure, normal sale and with tenants in place as condition of closing!)
Property info: 6 bedrooms, 2 bathrooms, 1980 square feet
Monthly rent collected: $1,300
Property taxes: $116
Property management fees: $130
Monthly expenses (conservatively estimated)
Vacancy (7%): $91
Repairs (5%): $65
Total Monthly Expenses- $477
Net Income = Income – Expenses = $823
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 12.04%
Cash-on-cash return =
Depends on your leveraging.
- 1-Year Seller Warranty
If you are interested in this property or seeing others like it, contact Melissa at email@example.com. Take the plunge: you won’t regret it!