Townhouse Cleveland/Warrensville Hts, Ohio
@James Wise @Tom Ott @Megan McGinty
I have acquired this townhouse in a deal with another property and have decided to sell it. I don't have enough funds to renovate it and keep my reserves where they need to be while I scale up. The property needs $20k in renovations which I have an estimate for. It includes a new furnace and water heater. It is provided by my management company which manages several properties in this complex. I can provide the estimate to you. Renovation time is <2 months if you have them do it.
The property is in a C class neighborhood and less than a mile from the new Amazon fulfillment center in Warrensville Hts. The complex sits at the intersection of I271 and I480 with great access to the greater Cleveland area. Downtown in 15 minutes, airport in 10 minutes. The rents will range from $650 - $800+ depending on how you choose to rent it. Section 8 programs in Cuyahoga County will pay you on the upper range and there is high demand for 3 bedroom units. I would highly recommend that route.
I own 2 other units in this complex and the numbers breakdown as follows. (REAL numbers)
HOA - $125 They are responsible for the exterior and common areas. There are no special assessments.
Taxes - $650 pr/yr
Insurance runs me just under $600 pr/yr on my other units.
In Cleveland the owner is responsible for the water and sewer. It averages $35 pr/mo on my other units, figure $50.
Management is in place with a quality company that has a realty arm that understands investor needs. Their cost is $75 or 10% or rent, whichever is higher.
We all calculate Vacancy and Cap Ex differently so I will leave that to you.
It's a brick structure and I am working on getting pictures.
$7000 or best offer
PM me or give me a call with any questions.
Dave
919-444-4863