3441 Lincoln Ave, Parma, OH Income Results

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This Two bedroom home in Parma Ohio that we purchased for $68,500 was converted into a 3 bedroom. We added an attic bedroom with the existing area that was not finished out yet. 

The total rehab was approx $14,000 making the total investment $82,500 Let's look at the Approx Income from the lease  This property has had only 1 tenant in it for the last 33 months. Long term tenants create way more income just for the fact they do not require any rehab.  Let's look at the approx numbers  Lease $1250 Tax $160 Insurance $60 Pm $125 Net $905 x 14 Months= $12,670 New lease March 2023 Lease $1300 Tax $160 Insurance $60 Pm $125 Net $955 x 17 Months= $16,235 Total Approx Income $28,905 in rental income. This property has had approx $1500 in repairs during this lease.  The property today is valued at approx $195,000 Taking the $1500 out of the rental income makes the grand total $28,905-$1500=$27,405 The approx equity position $195,000-$82,500=$112,500 Do the numbers and the Results Call me (Brett) 216-703-5740 Key Realty and Property Management