[$ 80K – $ 90K] Invest in rental real estate in the United States in Cleveland – Duplex -Collinwood – Cap rate greater than 19%
Discover the area:
This beautiful two-unit duplex is located just 15 minutes east of downtown Cleveland in the Collinwood neighborhood. It’s called the Artist’s Quarter because it’s an entertainment-packed neighborhood surrounded by great neighborhoods, such as University Heights, Glenville, Manhattan Beach, and Euclid.
This new district has been gaining increasing popularity for several years. Indeed, Collinwood is known for the Summer E 185th Street Festival and the Waterloo Art Festival, which take place every year in June but also the Collinwood district was the setting for the 2002 film “Welcome to Collinwood” with George Clooney and William H Macy’s.
The property is 15 minutes from University Circle which has the largest concentration of cultural attractions and performance venues in the United States.
Collinwood was identified as one of America’s Best Secret Areas by Travel + Leisure in 2008.
The property is located less than 30 minutes by car from major Cleveland hotspots (downtown, international airport, Cleveland Clinic-city economic center, universities, restaurants, museums, 3 stadiums: NBA – American Football – Baseball…, the Metroparks Zoo)
The one already rented for $509 section 8 is a 1/1 and the other one is a 4/2 he will rent it section 8 for $850 per month. So $1,359 per month total
The comps are 80-95k. And it already has 2 new hot water tanks and 2 new furnaces. Triple car garage, newer toilet and vanity. Electrical panel is upgraded. All the appliances also come with the property which makes section 8 rent higher.
1st unit : $509/month(1 bedroom/ 1 bathrooms)
2nd unit : $850/month (4 bedrooms / 2 bathrooms)
Expenses : $1,600/year (eau +égout + pelouse)
Cap rate >19%
- 2 newer Hot water tanks
- 2 Newer furnaces
- Working Washer and Dryer in the basement for tenants
- Electrical panels updated
- Electrical Switches upgraded to pass section 8 inspection
- Appliances come with property making the section 8 rent higher.
- Newer vanity & toilet
- Guarantee of setting up a tenant
- Rental guarantee 12 months
- $ 0 of work payable during the first 12 months
- Guarantee of payment on the 15th of each month
- Rental management service
- Getting in touch with our accountant
- Support during the resale of the property
Our objective is to optimize the profitability of our clients by offering turnkey investment products, including renovations and tenant installation.
We take care of everything, from the creation of the LLC, to the closing of the property purchased, then the rental management to ensure the proper functioning of your property.
- City / Town: Cleveland
- Country: United States
- Province / State: Ohio
- Neighborhood: Collinwood
- Postal code / ZIP: 44110
- Property ID 41031
- Price Prix sur demande
- Property status Sold
- Rooms 2
- Bedrooms 5
- Bathrooms 2
- Size 215 m2
- Land area 422 m2