973 whitby rd, cleveland, oh 44112 · 973 whitby rd, cleveland, oh 44112 973 whitby rd cleveland,...

Property Report

973 Whitby Rd, Cleveland, OH 44112973 Whitby Rd

Cleveland, OH 44112

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Overview973 Whitby Rd, Cleveland, OH 44112973 Whitby RdCleveland, OH 44112

Purchase InfoSquare Feet 1,200Purchase Price $53,000Initial Cash Invested $53,795

Income Analysis Monthly AnnualNet Operating Income $615 $7,376Cash Flow $615 $7,376

Financial MetricsCap Rate (Purchase Price) 13.9%Cash on Cash Return (Year 1) 13.7%Internal Rate of Return (Year 10) 16.2%Sale Price (Year 10) $71,228

Charming 3 Bedroom 1 Bath Charming Colonial with recent updates and New Carpet throughout. House will be rehabbed and rent ready for a tenant paying $1,000 per month in the Desirable Cleveland Heights Market.

Property is on a block with great pride of ownership taken and a true Class B-C neighborhood thats been one of our top Emerging Markets for the past 18 months.

Get in before the Market doesn’t make sense financially to pick up Turn Key Rentals, especially with these Yields and IRR.


Purchase Analysis973 Whitby Rd, Cleveland, OH 44112973 Whitby RdCleveland, OH 44112

Purchase InfoPurchase Price $53,000+ Buying Costs $795+ Initial Improvements $0= Initial Cash Invested $53,795Square Feet 1,200Cost per Square Foot $44Monthly Rent per Square Foot $0.83

Financial Metrics (Year 1)Annual Gross Rent Multiplier 4.4Operating Expense Ratio 35.3%Cap Rate (Purchase Price) 13.9%Cash on Cash Return 13.7%

AssumptionsAppreciation Rate 3.0%Vacancy Rate 5.0%Income Inflation Rate 3.0%Expense Inflation Rate 3.0%LTV for Refinance 70.0%Selling Costs $3,710

Income Monthly AnnualGross Rent $1,000 $12,000Vacancy Loss -$50 -$600Operating Income $950 $11,400

Expenses (% of Income) Monthly AnnualCleaning & Maintenance (4%) -$35 -$424Insurance (6%) -$58 -$700Management Fees (9%) -$83 -$1,000Taxes (17%) -$158 -$1,900Operating Expenses (35%) -$335 -$4,024

Net Performance Monthly AnnualNet Operating Income $615 $7,376- Year 1 Improvements -$0 -$0= Cash Flow $615 $7,376


Buy and Hold Projection973 Whitby Rd, Cleveland, OH 44112973 Whitby RdCleveland, OH 44112

Income Year 1 Year 2 Year 3 Year 5 Year 10 Year 20 Year 30Gross Rent $12,000 $12,360 $12,731 $13,506 $15,657 $21,042 $28,279Vacancy Loss -$600 -$618 -$637 -$675 -$783 -$1,052 -$1,414Operating Income $11,400 $11,742 $12,094 $12,831 $14,874 $19,990 $26,865

Expenses Year 1 Year 2 Year 3 Year 5 Year 10 Year 20 Year 30Cleaning & Maintenance -$424 -$437 -$450 -$477 -$553 -$743 -$999Insurance -$700 -$721 -$743 -$788 -$913 -$1,227 -$1,650Management Fees -$1,000 -$1,030 -$1,061 -$1,126 -$1,305 -$1,754 -$2,357Taxes -$1,900 -$1,957 -$2,016 -$2,138 -$2,479 -$3,332 -$4,477Operating Expenses -$4,024 -$4,145 -$4,269 -$4,529 -$5,250 -$7,056 -$9,483

Income Analysis Year 1 Year 2 Year 3 Year 5 Year 10 Year 20 Year 30Net Operating Income $7,376 $7,597 $7,825 $8,302 $9,624 $12,934 $17,382- Improvements -$0 -$0 -$0 -$0 -$0 -$0 -$0= Cash Flow $7,376 $7,597 $7,825 $8,302 $9,624 $12,934 $17,382Cap Rate (Purchase Price) 13.9% 14.3% 14.8% 15.7% 18.2% 24.4% 32.8%Cap Rate (Market Value) 13.5% 13.5% 13.5% 13.5% 13.5% 13.5% 13.5%Cash on Cash Return 13.7% 14.1% 14.5% 15.4% 17.9% 24.0% 32.3%Return on Equity 13.5% 13.5% 13.5% 13.5% 13.5% 13.5% 13.5%

Loan Analysis Year 1 Year 2 Year 3 Year 5 Year 10 Year 20 Year 30Market Value $54,590 $56,228 $57,915 $61,442 $71,228 $95,724 $128,645- Loan Balance -$0 -$0 -$0 -$0 -$0 -$0 -$0= Equity $54,590 $56,228 $57,915 $61,442 $71,228 $95,724 $128,645Potential Cash-Out Refi $38,213 $39,359 $40,540 $43,009 $49,859 $67,007 $90,051

Sale Analysis Year 1 Year 2 Year 3 Year 5 Year 10 Year 20 Year 30Equity $54,590 $56,228 $57,915 $61,442 $71,228 $95,724 $128,645- Selling Costs -$3,821 -$3,936 -$4,054 -$4,301 -$4,986 -$6,701 -$9,005= Proceeds After Sale $50,769 $52,292 $53,861 $57,141 $66,242 $89,023 $119,640+ Cumulative Cash Flow $7,376 $14,973 $22,798 $39,160 $84,558 $198,196 $350,916- Initial Cash Invested -$53,795 -$53,795 -$53,795 -$53,795 -$53,795 -$53,795 -$53,795= Net Profit $4,350 $13,470 $22,864 $42,506 $97,004 $233,424 $416,761Internal Rate of Return 8.1% 12.6% 14.1% 15.4% 16.2% 16.6% 16.7%Return on Investment 8% 25% 43% 79% 180% 434% 775%


Graphs973 Whitby Rd, Cleveland, OH 44112973 Whitby RdCleveland, OH 44112

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Photos973 Whitby Rd, Cleveland, OH 44112973 Whitby RdCleveland, OH 44112


973 whitby rd, cleveland, oh 44112 · 973 whitby rd, cleveland, oh 44112 973 whitby rd cleveland,...

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