Advice on a Indy property 46222

[Manoj Narayanan]

Hello everyone, I’m a new investor looking at an out of state property in zip 46222. This property is a 2bed 1 bath in N Moreland ave from a turnkey for 42k. Rent 650. Thanks for your help in advance. -Manoj

[Jay Hinrichs]

@Samantha Soto@Matt Speer  also maybe the locals will concur on this little exercise.

45k purchase price  21k rehab.

leaves 24k... the turnkey company if they are using outside marketing like a Morris for example he will make 5k on the deal.. that leaves 19k to be split.. the turn key company wants to make 10 to 15k on the deal that leaves an asset that was bought for 4 to 9k as is.. where do you think that is .. how good a property or area can that be if the homes are selling for 10k or less..

what do you think your home will be worth when a tenant trashs it and you need to exit.???

I know again this is harsh.. but having funded this stuff since 2002 and started in Indy in 2003 and I work 15 markets I see this time and again and again and again..

CAUTION on low value assets in a major MSA from a QUote un Quote turn key company.. most turn key do not sell 45k homes.. most learned they are not sustainable and moved up in asset class.. simply because of the failure rates and hassles.

Most PMs like Sam above won't work this stuff either..   Oh Vey