3 beds 1.5 bath in Cleveland, OH

💲 Investment Opportunity in Cleveland, OH 💲

Seize this excellent Subto assignment opportunity in Cleveland, Ohio. This property, built in 1947, features 3 bedrooms and 1 bathroom within 1,080 square feet of living space. It offers a competitive purchase price of $151,381.51, with an entry fee of $27,500 plus transaction coordinator and closing costs.

Property Details:

• Address: Cleveland, Ohio
• Bedrooms: 3
• Bathrooms: 1
• Living Space: 1,080 sq ft
• Year Built: 1947

Financial Details:

• Purchase Price: $151,381.51
• Entry Fee: $27,500 + TC + CC (includes cash to seller/agent, arrears, and assignment fee)

Loan Information:

1. Primary Mortgage:
   • Remaining Balance: $121,728.92 (minus principal on reinstatement)
   • Interest Rate: 3.25%
   • Loan Maturity Date: January 2051
   • Principal & Interest (PI): $551.25
   • Taxes & Insurance (TI): $279.86
   • Total PITI: $831.11
2. Second Position Note/Lien:
   • Outstanding Balance: $4,095.08
   • Interest Rate: 8%
   • Loan Maturity Date: January 2031
   • Principal & Interest (PI): $54.78
   • Total Monthly Payment: $885.89
3. Third Position HUD Loan Lien:
   • Outstanding Balance: $3,057.51
   • Interest Rate: 0%
   • Loan Maturity Date: January 2051
   • No Monthly Payments Required on HUD Lien

Rental Projections:

• Long-Term Rental (LTR) Rate Range: $1,250 – $1,400 per month

This property presents a lucrative investment opportunity with multiple favorable financing terms. The primary mortgage has a low interest rate of 3.25%, and the HUD loan carries no interest with no required payments. This setup significantly enhances cash flow potential. The property is poised to generate steady rental income, making it an ideal addition to any investor’s portfolio.

Details

Property ID
SPSP-18372

Bedrooms
3

Bathroom
1

Property Size
1080

Entry Cost ($)
27500

APR (%)
3.25

PITI ($)
831

Balance ($)
121729