10-unit Cleveland value-add at $510K. 6 of 10 units occupied (2 Section 8) at $3,938/mo, with $8,000/mo at market. The 4 vacant units need light cosmetic work only (~$50K total). ARV $750K, a $190K spread. 1.38 DSCR pro forma. Minutes from Cleveland Clinic main campus and University Hospitals, so there's potential to go full Section 8 or furnish units for traveling nurses to maximize income.
Location is a major draw: minutes from Cleveland Clinic main campus and University Hospitals. Exit options include taking the building to full Section 8 (44103 1BR FMR is $890, above the $800 market rent), or furnishing units as mid-term rentals for traveling nurses and medical staff to maximize income.
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ARV $750,000
From the listing
The seller picked no comps. Investimate’s own value for this home is $234,000.
