My team and I have been serving the Indianapolis and surrounding areas for over 20 years.

The property has been on the market for over 180 days. 

If you have an adjustable rate mortgage and it is likely to increase significantly in the future, rent growth rate may not compensate for this and cash flow is likely to get worse over time.

Don't expect these people to have anything to do with you once the transaction is over and a lot of bitter, nasty fights along the way. 

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

But because you rent by the room and YOU SELECTED the roommates (for which the other roommates had no control over), that makes you directly responsible to the other tenants should any harm or damage come to them.  

FWIW, I'm going to base this off a 1,500 SF single family new build, but I'll predict the build cost will be a little over $200/SF.

Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.

I just keep hearing over and over again to just take action and course correct from there.