Beautiful upgraded duplex with tenants in place - $1262/mo rent!

[Christian Carson]

$1262 monthly rent!

12.4% cap rate!

31% cash-on-cash return!

This is the nicest duplex on the street, and the tenants love it! It's been consistently rented with continuous history dating to 2013. Located in the heart of Cleveland's North Collinwood neighborhood, this property is steps away from the beach in the north. Due south is the new Waterloo Arts & Entertainment District and the Beachland Ballroom, an ever-popular music venue surrounded by eclectic shops and fine eateries.

This house has been upgraded:

1. New windows throughout house

2. New furnace

3. Newer breaker boxes and upgraded electrical

4. New appliances on first floor

5. Concrete driveway in excellent condition

6. Brand new roof (going on as we speak)
 

Tenants: This property is fully tenanted. We manage it ourselves, since we also live in the area. We would be happy to put property management in place for the new owner's transition, as we have several contacts in the area. The first floor tenant has lived here since 2013 and the upper floor tenant since February. All of the tenants have been on time every month with no issues at all.   Why we're selling: We're currently in the process of liquidating a partnership that owns this property and a few others in order to pursue larger investments. We maintain our properties in top shape and screen our tenants heavily. If you're interested in hearing more about our portfolio, just ask!

Cap rates and cash-on-cash, calculated the RIGHT way:

Revenue, annual: $15,447

Vacancy: $757
Property taxes: $1,801

Insurance: $1,000
Property Management: $1,439
Utilities: $1,200
Maintenance: $1,200

Total NOI: $7,747

With 20% down at 5% interest for 30 years and $2000 in closing costs, this equates to a 31.22% cap rate!

Call now to get this good deal before I turn this over to a realtor (then the price has to go up!)