Indianapolis Flooring and General Renovation

[Matthew McMenamin]

Has anyone worked with a reliable flooring guy in Indianapolis? My best quote is currently $1.65 for materials with a solid warranty and $2.00 to install. That's not way too high, but I feel like I could do better. 

The properties will be rented at $600 a month, so I don't want to over-renovate. If anyone has additional insight into this level of rental, please weigh in. What sort of finishes should I be installing? Going really cheap seems like it's not even worth the time to renovate, but putting $15,000 into a unit that will only pull $600 a month also seems foolish. 

[Mike D'Arrigo]

@Matthew McMenamin that is the problem with cheap, low end properties. The numbers don't work well. $15,000 is on the low end for a rehab but for a $600mth rental, anything more doesn't pencil out and you can't really do a decent rehab. As an out of state investor, I'm not sure you know what you're getting yourself in to. Anything for $600/mth in Indianapolis is going to be in a rough neighborhood. In my 10 years of experience in the Indy market, I have never found that asset class to work for an out of state investor. We target areas with a minimum of $750/mth rent on a 3Br.