Some may call expecting appreciation in that market speculation but it is high probability, educated speculation which to me makes it investing.I would also point out that cash flow projections are also projections. 

The house was built in 1938, it's a craftsman style home, original hardwood flooring in good shape, original windows but it very good shape, the walls and ceiling had been filled with blown insulation, had a new roof installed in 2017, and the sellers were willing to pay 5k to have the house painted to the color of your choice.  

I also have a 9 year background in construction in various aspects; estimating, project management, project controls, etc.I am here to learn, grow, and help.

@Joe Garvin 73% is great...what are the lodging taxes like in your area.My wife and I are doing a mixed use project and building in 3 suites to be used as BnB...my expectation was 30% occupancy...which seems more in alignment with the BnB industry...is the high occupancy normal for you guys? 

The roof was replaced in 2010, new asphalt lot and new rolling doors were replaced in 2017.

The faster you foreclose the faster you get paid and the sooner you get to reinvest the money in to a new project.

This project is a revitalization of an old community center that has been out of service for many years.

The entire roof structure needs to be replaced. 

It's hard to know if the article got the projection right quantitatively, but Indy has not been a growth market and so directionally that part looks correct.Macro-level, the drivers to to growth markets are population shifts that are ocurring and a lot of people in northern states/cities have relocated to TX, FL, GA, NC, etc. 

FYI: CAPEX means the long term "capital expenditures" of a rental property such as new roof, new water heater, ect.