15904 Invermere Ave
Cleveland, OH 44128

Property Information

Current Status Occupied
Lease Start Date 05/21/2022
Lease End Date 05/31/2023
Utilities Paid by Tenant
Initial Investment* $26,816

*Includes down payment plus $3,000 of closing costs

Purchase Price $114,500

Current Rent $1,050
Cap Rate 7%
Cash on Cash Return* 34%
Net Cash Flow Per Month* $214

*Assuming 20% down with a loan at 6.625% interest for 30 years. Including equity build up and 3% appreciation per year.

About This Property

New laminate kitchen countertop, new cabinet handles, new kitchen faucet, new stove hood, new bi-fold door at pantry closet, new bathroom, new luxury vinyl plank flooring in kitchen & bathroom, sanded & polished hardwood floors, new carpet & padding on steps & 2nd floor, new accordion door on 2nd floor closets, new closet poles, new door lockets & hardware, 5 new glassblock windows, 2 new windows on 2nd floor, 10 new ceiling tiles in basement, new light fixtures throughout, new electrical outlets & switches, repaired rear porch, new indoor/outdoor carpet in porch, new garage door, new garage gutter & downspout, new garage siding, new lattice, repaired rear fence, landscaping, interior & exterior paint.

This property also comes with a Home Warranty.

Financing Options

MartelTurnkey has partnered with some of the top lenders that provide a wide range of financial solutions to meet your Rental investing needs. Talk to an Advisor to learn more or visit our partner to get pre-approved.

Property Management Company

Click here to learn more about the property management in our markets. If you have any further questions please schedule a call with an advisor

Investment Terms

Purchase and Sale Agreement (PSA): A PSA will be delivered electronically once an agreement has been made and must be executed by Buyer within 24 hours of receipt.
Earnest Money Deposit (EMD) of $1,000 must be wired to the Title Company within 3 days of PSA signing.
Appraisal Contingency is available for financed properties, and will be waived automatically if the property appraises for the sale price. If it does not appraise for the sale price, then the Buyer and Seller will have the opportunity to come to terms or the Buyer can cancel the contract.
Closing Date: The Closing Date will occur within 15 days of PSA execution for cash transactions and 45 days of PSA execution for financing unless otherwise agreed by Buyer and Seller.
Lease Agreement: The current lease agreement will be provided to Buyer at Closing.
Closing Costs: Closing costs shall be paid based on local custom, and will include discounts negotiated by Martel TurnKey to lower transaction costs for Buyers and Sellers. Actual closing costs will be outlined on the final settlement statement.

Buying Process

Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor