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1244 North Ridgeview Drive Indianapolis, IN 46219

3 Beds 2 Baths 1,240 sqft Built 1971

$109,900

List Price

$840

$756 - $924

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $88.63
  • 4 Days on Market
  • MLS # : 21763707
  • Updated Date : 01/28/2021 at 16:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,240 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max Advanced Realty

Listing Agent's Description

Great opportunity in Warren Park! Fixer upper two-story home with 3 bedrooms 1.5 bathrooms and 2 car attached garage. Home has a very functional layout, huge fully fenced back yard, plenty of parking, and is in a great location. Home could use some minor and repairs and updating but not a huge rehab. Come see this one today!

SEE MORE

  • Indianapolis metro contributes to 39.8% of Indiana state economy i.e. Gross State Product (USMayors.org, 2018)
  • Indianapolis metro employment growth is at 1.6% and predicted to grow at 1.8% in 2019 (USMayors.org, 2018)
  • Indiana state (in turn Indianapolis being part of Indiana) ranks 10th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019)
  • Indianapolis metro's economy is worth $149.7 billion in Gross Metro Product and projected to grow to $158.1 billion in 2019 (USMayors.org, 2018)
  • Indianapolis metro has 65.5% labor force participation rate higher than the national rate 62.8%. The participation is expected to grow to 66.2% in 2020 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: East Side

NeighborhoodNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160kPrice in $58k168k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: East Side

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2600650700750800850900950100010501100115012001250Rent in $5961268

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Arlington Middle School Middle Unknown NA
Arlington Middle School Middle Unknown NA

Arlington Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Arlington Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$98,910$120,890$109,900

PURCHASE PRICE

$756$924$840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $840
EXPENSES Loan Payment -$382
Property Tax -$210
Property Insurance -$51
Property Management Fees -$76
CASH FLOW
$121

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$109,900

PROJECTED PRICE

$840

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.9%
Maintenance Year (1-5) 8.00%
Vacancy 8.45%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$50k$100k$150k$200k$250k$300k$350k

PROJECTED ANNUAL CASH FLOW

11530$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$34,874

INVESTMENT

$34,874

Down Payment
$27,475
Rehab Estimate
$5,750
Closing Costs
$1,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$382

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $27,475
Loan Amount $82,425
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$9,967

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $840

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $885

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$695
1$6952$8403$8504$1,000
$1,000
RENT COMPS ANALYSIS
  • 1244 North Ridgeview Drive Indianapolis, IN 2
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $840
    • $0.68
    •  
  • 1802 North Hawthorne Lane Indianapolis, IN 1
    • 3 beds 1 baths ∙ 912 Sqft ∙ Built 1952 3 beds 1 baths ∙ 912 Sqft ∙ Built 1952
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $695
    • $0.76
    •  
  • 1733 North Layman Avenue Indianapolis, IN 3
    • 3 beds 1 baths ∙ 1,128 Sqft ∙ Built 1970 3 beds 1 baths ∙ 1,128 Sqft ∙ Built 1970
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.75
    •  
  • 5455 East 13th Street Indianapolis, IN 4
    • 3 beds 2 baths ∙ 1,584 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,584 Sqft ∙ Built 1953
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.63
    •  
PROPERTY LISTING DETAILS
Dennis Nottingham
1.317.333.7055
Re/max Advanced Realty
BESbswy