Major Price Drop: Indianapolis Rent Ready

[Bob Hinrichs]

Below are the details on a rent ready SRF in the lovely Irvington area. The property has consistently rented for $725 per month, and will make a great addition to your portfolio! With a $725/month rent, this property has an NOI of $4,390! The interior of the house was just painted, brand new carpet installed, and all the appliances are included (including the washer and dryer). The loft upstairs practically makes it a 3 bedroom.

More Pictures!

I prefer to make conservative estimates. While the property has rented at $725 recently, I want to stay on the safe side. Check out the details:

NOI Estimates:

Assumptions
Rent	$675
Assessed Value	$40,500
HOA	$0
Cash Flow and NOI
Cash Flow	Year 1	Year 2	Year 3
Gross Scheduled Income	$8,100	$8,424	$8,761
less Vacancy Allowance	$675	$702	$730
Total Operating Income	$7,425	$7,722	$8,031
Property Taxes	$810	$824	$838
Insurance	$600	$600	$600
HOA	$0	$0	$0
Maintenance Reserve (15%)	$1,215	$1,264	$1,314
Property Management (10%)	$810	$842	$876
Total Operating Expenses	$3,435	$3,530	$3,628
Net Operating Income (NOI)	$3,990	$4,193	$4,403