19609 Cherokee Ave
Cleveland, OH 44119

Property Information

Current Status Occupied
Lease Start Date 11/11/2022
Lease End Date 10/31/2023
Utilities Paid by Tenant
Initial Investment* $25,672

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

Purchase Price $109,000

Current Rent $1,000
Cap Rate 8%
Cash on Cash Return* 33%
Net Cash Flow Per Month* $162

*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 house and garage roofs, new kitchen butcher block countertops, new kitchen backsplash, new kitchen faucet, new kitchen plumbing valves, new remodeled bathroom, new toilet, new vanity, new mirror, new light fixture, new shower tile, reglazed tub, new flooring in living areas and bedrooms, new flooring in kitchen, cleaned carpet on second floor, new side door, new window screens where needed, new interior lighting, new thermostat, new door handles, new outlets and switches throughout, new paint on basement floor and walls, new furnace filter, new exterior lights, repaired siding, new garage door, new garage gutter at the rear, new dryer vent at rear of home, new interior paint throughout.

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