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1834 Tourmaline Drive Westfield, IN 46074

3 Beds 3 Baths 2,147 sqft Built 2001

$240,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $111.78
  • 5 Days on Market
  • MLS # : 21749723
  • Updated Date : 10/30/2020 at 11:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,147 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Ability Plus

Listing Agent's Description

Welcome home to this spotless 3 bedroom, 2.5 bath Westfield home! Step inside and feel pride of ownership with 3 separate living areas. Enjoy cooking in your large kitchen that's open to your family room and is great for entertaining. Upstairs offers a loft, 2 bedrooms and a huge master suite with 2 walk-in closets and is big enough for a nice sitting area. Step outside to your private back yard that is fully fenced with a 6ft privacy fence. All this and peace of mind knowing that your roof, HVAC and appliances are all new within the last couple years!

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

Zip Code: 46074

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $119k314k

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

Zip Code: 46074

ZipNIR Market*CityMarket2010Year2000 Q32019 Q211001200130014001500160017001800190020002100Rent in $10402140

* 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
Carey Ridge Elementary School Primary Regular 547 23 6
Westfield Middle School Middle Regular 1,042 48 7
Westfield High School High Regular 1,934 95 8

Carey Ridge Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 23
6
GreatSchools Rating

Westfield Middle School

  • Education Level: Middle
  • # of students: 1,042
  • # of teachers: 48
7
GreatSchools Rating

Westfield High School

  • Education Level: High
  • # of students: 1,934
  • # of teachers: 95
8
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$886
Property Tax -$369
Property Insurance -$69
HOA -$16
Property Management Fees -$139
CASH FLOW
$63

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.

$240,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.2%
Maintenance Year (1-5) 8.00%
Vacancy 8.07%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$11,250

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,653

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5953$1,5954$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 1834 Tourmaline Drive Westfield, IN 1
    • 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.72
    •  
  • 17005 Kirklin Drive Westfield, IN 2
    • 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2000
    LEASED 05/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
  • 17895 Grassy Knoll Drive Westfield, IN 3
    • 4 beds 3 baths ∙ 1,832 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,832 Sqft ∙ Built 1995
    LEASED 05/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.87
    •  
  • 16749 Yeoman Way Westfield, IN 4
    • 4 beds 3 baths ∙ 2,427 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,427 Sqft ∙ Built 2001
    LEASED 06/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.68
    •  
  • 38 West Flat Rock Drive Westfield, IN 5
    • 3 beds 3 baths ∙ 2,254 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,254 Sqft ∙ Built 2001
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.75
    •  
PROPERTY LISTING DETAILS
Tyce Carlson
1.317.340.5060
Re/max Ability Plus
BESbswy