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2331 Blackthorn Drive Franklin, IN 46131

3 Beds 3 Baths 2,040 sqft Built 2007

$218,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $106.86
  • 28 Days on Market
  • MLS # : 21760126
  • Updated Date : 02/05/2021 at 19:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mentor Listing Realty Inc

Listing Agent's Description

Nice property with 3 bedroom and 2 bathroom, fresh paint, quality new carpet and vinyl flooring.

SEE MORE

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 46131

ZipNIR Market*CityMarket2010Year20002019105k110k115k120k125k130k135k140k145k150k155k160k165kPrice in $105k168k

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

Zip Code: 46131

ZipNIR Market*CityMarket2010Year2000 Q32019 Q2100010201040106010801100112011401160118012001220124012601280Rent in $9881283

* 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
Needham Elementary School Primary Regular 402 20 7
Custer Baker Intermediate School Middle Regular 768 37 6
Franklin Community High School High Regular 1,630 72 7

Needham Elementary School

  • Education Level: Primary
  • # of students: 402
  • # of teachers: 20
7
GreatSchools Rating

Custer Baker Intermediate School

  • Education Level: Middle
  • # of students: 768
  • # of teachers: 37
6
GreatSchools Rating

Franklin Community High School

  • Education Level: High
  • # of students: 1,630
  • # of teachers: 72
7
GreatSchools Rating
 

$196,200$239,800$218,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$757
Property Tax -$296
Property Insurance -$66
HOA -$29
Property Management Fees -$119
CASH FLOW
$52

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.

$218,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 7.73%
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$63,520

INVESTMENT

$63,520

Down Payment
$54,500
Rehab Estimate
$5,750
Closing Costs
$3,270

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$757

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,500
Loan Amount $163,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$8,624

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,341

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,3253$1,3504$1,4455$1,445
$1,445
RENT COMPS ANALYSIS
  • 2331 Blackthorn Drive Franklin, IN 1
    • 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.65
    •  
  • 2056 Bridlewood Drive Franklin, IN 2
    • 4 beds 3 baths ∙ 1,991 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,991 Sqft ∙ Built 2005
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.67
    •  
  • 2156 Olympia Drive Franklin, IN 3
    • 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2004
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.65
    •  
  • 2345 Bristol Drive Franklin, IN 4
    • 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 2014
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.66
    •  
  • 913 Harbon Drive Franklin, IN 5
    • 3 beds 2 baths ∙ 2,230 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,230 Sqft ∙ Built 2004
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.65
    •  
PROPERTY LISTING DETAILS
Brian G. Waters
1.219.472.4457
Mentor Listing Realty Inc
BESbswy