90K Triplex bringing $1875/month in B class Cleveland Hts

[Nicholas Varner]

This B class triplex is listed for $94,000. There is a $4600 escrow account with the city of Cleveland Heights. This is like a deposit for repairs mandated by the city. You will get the $4600 back from the title company once repairs are made.

This property requires a cash as is offer. This is a fully occupied non-conforming triplex. When it last hit the market it was under contract in under an hour. However, just before closing, the underwriter cited that the third floor unit is an auxiliary unit. This meant that given Freddie Mac/Fannie Mae guidelines that it would not qualify for a conventional loan. The title work is all complete. This property just needs a new cash buyer. I represent the seller on this property. Make your highest and best offer "as is" cash offer based on the attached inspection report. 

The tenants are long term, have jobs, pay rent, and keep their units looking good. Deposits to be transferred at closing, rents pro rated. POS report available. Letter from the city of Cleveland Heights stating it's legal to rent as a three unit is available. Inspection report available. Pro forma available. @James Wise this is a home run!