UPDATED:
10/07/2024 08:23 PM
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Pending
Purchase Type For Sale
Subdivision Wade Park Allotment
MLS Listing ID 5072102
Bedrooms 8
Full Baths 2
Half Baths 1
Construction Status Fixer,Updated/Remodeled
HOA Y/N No
Year Built 1900
Annual Tax Amount $3,570
Tax Year 2023
Lot Size 8,550 Sqft
Acres 0.1963
Property Description
This is a cash added value property giving a new investor around 7 months of some growing pains, but breaking even with a couple bucks profit a month. Currently one side is rented to 4 young ladies at 700 per bedroom and all remodeled and owner added 2nd bath, however the other side is an elderly women who has lived as a tenant in several of owners' homes. Owner will move her to another property. Probably wise to have it vacated around March will need a light rehab, intense cleaning and add a 2nd bath approx 20K
If you take all units to 750 June 1st here is how your financial will look
Annually income 72,000 with 35% expenses -25,200 and after debt svs of 21,528 annually at 75% LTV gives you an NOI of 25,272 annually which will give you over 25% cash on cash return on your initial investment
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling Ceiling Fan(s)
Fireplace No
Appliance Range, Refrigerator
Exterior
Garage Driveway
Waterfront No
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Parking Type Driveway
Private Pool No
Building
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Construction Status Fixer,Updated/Remodeled
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 120-21-012
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