All Forum Posts by: Keagan Scott

Hey Jaron. With that one specifically, I believe it was the rule about being too close to the nearest already established short term rental. I actually just went and looked at one today that's eligible to be an STR. It's a super interesting market given the tight regulation.

Hey Matthew. We did find out this one is unable to be an STR. We have found another one that is eligible and I'm actually headed there tomorrow to check it out.

Hey Gus. Happy to help! I've got several investor clients here in the Indianapolis area looking/selling similar properties to what you described. I'll reach out and see what I can do to help and make this happen for ya.

This exact home is too close to an existing STR. The rule I was told from the planning folks is at least 0.25 miles from existing STR and at least 250ft from nearest residence. It's a great area, it's just difficult finding the right home

There are some great pockets in Indiana that are working well if you can find the right property. Certain pockets of Indianapolis are fantastic. Indiana Dunes up near Lake Michigan. Bloomington, West Lafayette and South Bend are all major college cities that can work with the right strategy. Lake Maxincuckee (Culver Military Academy) is also a sneaky good option. Would love to help if you're looking to buy here! 

Yup you're exactly right. It's too close to an existing one unfortunately. I thought we were alright, but was wrong. Thanks for the insight! Onto the next one!

Hey everyone!  Just looking to help out my fellow investors here in Indiana and post a deal I like. I found one in Nashville, IN that I think makes a lot of sense and would love to hear feedback on the analysis. It's currently listed near $400k. Revenue projections:

Rabbu - $85k (49% occupancy and $522 ADR)

Airdna - $118k (57% occupancy and $570 ADR)

Airbtics - $101k (52% occupancy and $520 ADR)

If we assume revenue of $100k. Length of stay is around 2.6 days. That's 73 turnovers and at $200 per cleaning, we're at $14,600 for the year. $400 a month for utilities, $500 for misc expenses like toiletries, maintenance/repairs, landscaping etc. $150 a month for insurance (this might be low?). There's other expenses like taxes, prop mgmt software etc.

Total operating expenses for the year come to $32k. Mortgage is $25k for year assuming 20% down at 7% (with a purchase price of $375k). Annual cash flow is around $40k.

Total initial investment is around $120k. Down payment of $75k and improvements/furniture of around $40k.

Would love to hear your guys thoughts on this!

Hey everyone! I'm a realtor in the Indy area and looking for investors to work with in the STR space. I'm a host myself and currently building 10 cabins on the river in northern Indiana. I look at deals every day and going to start posting some of my favorites that I'm unable to buy at the moment. I found one in Nashville, IN that I think makes a lot of sense and would love to hear feedback on the analysis. It's currently listed near $400k. Revenue projections:

Rabbu - $85k (49% occupancy and $522 ADR)

Airdna - $118k (57% occupancy and $570 ADR)

Airbtics - $101k (52% occupancy and $520 ADR)

If we assume revenue of $100k. Length of stay is around 2.6 days. That's 73 turnovers and at $200 per cleaning, we're at $14,600 for the year. $400 a month for utilities, $500 for misc expenses like toiletries, maintenance/repairs, landscaping etc. $150 a month for insurance (this might be low?). There's other expenses like taxes, prop mgmt software etc.

Total operating expenses for the year come to $32k. Mortgage is $25k for year assuming 20% down at 7% (with a purchase price of $375k). Annual cash flow is around $40k.

Total initial investment is around $120k. Down payment of $75k and improvements/furniture of around $40k.

Cash on cash return 35% and cap rate around 18%. Not too bad! Let me know if you're interested in more or would love to hear your guys thoughts on this?

Hey Adam. I'm a realtor here in the Indy area. Both of these zip codes you mentioned are great options for rentals in terms of class of tenant. Here are some numbers for ya. In 46220, 2 bedrooms avg $1,600 in rent. 3 beds for for an avg of $1,985. In the last 6 months, there have been 58 sales of 2 bed homes here for an avg sale price of $300k. There have been 130 sales of 3 bed homes for an avg sale price of $375k. 

For 46240 there aren't as many leases and sales but you can expect the numbers to be just slightly higher. You will also need to consider flood insurance in this area before buying property as there have been some changes there recently. Let me know if there's anything I can do to help further.

Hi Kunal! I know several good ones. Send me a message