You haven’t heard Hipster mention Indianapolis in quite awhile, but we sure do love it! This racing capital has the value, quality and convenience that Hipster wants when we buy real estate or hook others up with great deals.
So – what makes Indianapolis such a shopper-friendly market? According to the NAHB/WF Housing Opportunity Index Indianapolis is the #1 Most Affordable Market in the Country. Over 93% of homes are affordable to families making the median income! This city has the properties, hospitals, universities and the stable tenant pool investors want.
Today’s single family home in Indianapolis is a winner. Why? It’s fully renovated and you close with vetted tenants in place. Not only that – it comes with a one year scope of work warranty. Talk about a sound investment! Way to go, Indiana!
Location: Indianapolis, Indiana. Built In: 1956 (fully renovated)
Purchase price: $109,900 (not a foreclosure, normal sale)
Property info: 3 bedroom, 2 bathroom, 2,088 square feet
Monthly rent collected: $1,200
Property taxes: $167
Property management fees: $96
Monthly expenses (conservatively estimated)
Vacancy (7%): $84
Repairs (5%): $60
Total Monthly Expenses- $457
Net Income = Income – Expenses = $743
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 8.12%
Cash-on-cash return =
Depends on your leveraging.
If you are interested in this property or seeing others like it, contact Melissa at email@example.com.