Northeast Indianapolis BRRR @ 9.5% Cap Rate!

[Darren Finney]

Great BRRR opportunity in a quiet little neighborhood on Indianapolis' northeast side. Two bed, one bath on double lot (almost half an acre) in Harrison Heights neighborhood of Indy, and just down the street from Wes Montgomery Park with a huge playground, splash pad, and plenty of other stuff to do. Your tenants will love this house and this neighborhood!

Mechanicals appear in good shape, with furnace being only 5 years old and water heater although older appears functional. Rehab will likely include repairing soffits and fascia, re-bracing electrical weather head, waterproofing the crawlspace, replacing flooring, replacing the kitchen cabinets and appliances (refrigerator works and is newer - see video), freshening up the bathroom, painting the interior of the home, and cleaning up the landscaping. A rehab budget of $15k should get this house in top condition to garner the best rent value (Rentometer states max rent in the area for 2BR is $753, median is $650) and an ARV of $60k. PLEASE DO YOUR OWN DUE DILIGENCE!

Link for photos and video: https://www.dropbox.com/sh/hy92tchtz3d0k7u/AADm0uF...

PROPERTY PERFORMANCE REPORT
PURCHASE PRICE	$28,500.00
REHAB BUDGET	$15,000.00
TOTAL CASH INVESTMENT	$43,500.00
ARV	$60,000.00
TOTAL EQUITY	$16,500.00

RENTAL PERFORMANCE REPORT
RENT	$650.00
TAX	$77.33
INSURANCE	$35.00
MANAGEMENT	$65.00
MAINTENANCE	$32.50
CAPEX	$32.50
VACANCY	$65.00
NOI	$342.67
CAP RATE	9.45%
GROSS ANNUAL YIELD	17.93%