Deal Analysis for Franklin SFR

[Annie Li]

I'd love to hear your opinion on a property in Indy southeast suburb, the address is 9610 Pentecost Rd, Indianapolis, IN 46239, listing price is $59,900.  I have difficulty finding comparable comps.  Have to pay cash because furnace and water heater were removed so can't get conventional loan.

Property needs usual cosmetic updates: paint, floor, kitchen cabinets, etc. Rent estimate is $1,100/month.  It's on septic and well, so not sure how that will affect my return because I have no experience on such properties.

Thanks in advance.  

[Joshua Bangert]

@Annie Li here is a link to some comparable properties in the area.  I had to widen the search to 2.5 miles as this is a somewhat rural part of town.  Please map the comparables and you will see how the pricing and activity trend.  While well and septic don't necessarily disqualify a potential investment they do raise some concerns during the inspection period.  I doubt this could be financed with a 203K as the Seller most likely will look more favorably on cash offers, but you never know.

Link:

https://drive.google.com/drive/folders/0B7J6cFSOmoojT0FBQjFFVWFFQms?usp=sharing