6511 Laverne Ave Cleveland, OH 44129
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About this home
Timeless Tudor Duplex - Fully Occupied Investment Opportunity! Discover this charming 1936 Tudor duplex generating steady income with both units fully occupied! Each unit offers 2 bedrooms and 1 bathroom with an additional shared bathroom in the basement. Tenants enjoy spacious living rooms with pristine hardwood floors, cozy breakfast nooks, and dining rooms featuring built-in cabinets. Brand new multi-level deck for added convenience and security. Brand new furnaces as well! Common areas are all refurbished and repainted, including the full bath in the basement next to the utility area. Property Highlights include: Fully occupied with tenants paying 1025.00 /month per unit | 4 bedrooms, 3 full bathrooms total | Roof with many years of life in it | Original character with modern updates | Untapped potential in the spacious attic for expansion | Detached 2-car garage|0.13-acre lot in desirable Grandview Park neighborhood | Cedar construction with classic Tudor styling. Ideally located near Parma's finest amenities, including shopping, restaurants, and entertainment! Enjoy proximity to B.A. Sweetie, Malley's Chocolates, and UH Parma Hospital. The perfect turn-key investment with a proven rental history in a stable neighborhood. Properties like this rarely stay available long. Don't miss your chance to own this investment gem in one of Cleveland's most established communities! The listing agent is related to the seller.
Source: MLSNOW #5103574
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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