[Calc Review] Help me analyze this deal (Indianapolis)

[Jason Howell]

Background: Up front - working numbers daily to get in the routine of analyzing deals. This is part of that. At this stage, I'm not ready to buy. Having said that, I'm trying to approach this using @David Greene's model of finding 2BR units with 1000+ sq ft in an effort to buy low, convert into a 3BR, then ultimately cash out refinance. This unit in Butler Tarkington area of Indianapolis seems to fit the bill (though that square footage seems unbelievably high... are they including the unfinished basement in the calculation?) Keep in mind at this stage I'm guessing on repair cost and ARV (yes I know they are important. It's just playing with numbers at this stage) The attached report is based on the 2BR numbers, as posted to MLS.

Those of you familiar with Indianapolis, any knee jerk reactions to this? Thanks for all you do!

View report

*This link comes directly from our calculators, based on information input by the member who posted.