Renovation Highlights

  • Updated kitchen and baths!
  • New flooring & carpet throughout
$ 83,000
3 bd
1.5 ba
1,186 sqft
Turnkey Income Property
Monthly Rent: $1,050
***16 GRANGER ROAD, GARFIELD HEIGHTS, OHIO 44125

Property Overview

Located in a predominantly owner-occupied and popular area of southern Garfield Heights, this single family home investment property benefits from location with easy access to I-480 a close proximity to a new AMAZON distribution center – adding 2,000 new jobs! This property has a nicely updated full bath on the 1st floor and an updated half bath in the basement. The basement is partially finished with an excellent entertainment area which features a bar and also an updated half bath! A nice rear deck also provides for an outdoor entertainment area. Major improvements include: sump pump waterproofing, updated electric, new windows, new flooring/carpet/paint, and much more! Professional property management is in place to enable a seamless and passive ownership transition. Seeking passive cash flow and appreciation in a Cleveland turnkey property? Inquire today!

Property Features

  • 3 Beds / 1.5 Baths / 1,186 Sq Ft
  • Rear deck
  • Partially finished basement w/ bar
  • Corner lot
  • Detached garage access

Property Highlights

  • Just leased at $1,050 + $100 per month for water!
  • Buy like-new for 85k financed, or 83k cash
  • Sold nearly 20 years ago in 2002 for $88,500!
  • Up to 80% LTV Investor-Financing Available!
  • Seller includes 1 Year Home Warranty!
  • Near new AMAZON center

YEAR 1 PROJECTED FINANCIALS: GRANGER

Financing

Cash

Price

$ 85,000

$ 83,000

Mortgage Amount

$ 68,000

Interest Rate

6.50%

Term Months

360

Monthly Payment

$ (430)

Annual Mortgage Payment

$ (5,158)

Monthly Gross Rent

$ 1,050

$ 1,050

Annual Gross Rent

$ 12,600

$ 12,600

Property Tax

$ 2,792

$ 2,792

Property Management

$ 1,260

$ 1,260

Insurance

$ 550

$ 400

Annual Fixed Expenses

$ 4,602

$ 4,452

Net Operating Income

$ 7,998

$ 8,148

Net Annual Income

$ 2,840

$ 8,148

Cash Down Payment

$ 17,000

$ 83,000

Cap Rate

16.71%

*Rate is for illustration only. Lender fees may apply.

Disclaimer: The estimated analysis are presented in good faith and in no way represent a commitment on the part of the Seller(s), or any affiliate thereof, to provide the returns indicated herein. Please be sure to understand the risks associated with investing in real estate and make appropriate assumptions. Any promotions or other marketing statements must be included in the transactional paperwork associated with the property in order to be valid. 2020realestate.com is not a lender or property owner. Please be sure to conduct your own due diligence and seek your own professional advice.

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