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2402 North Sheridan Avenue Indianapolis, IN 46219

3 Beds 1 Baths 906 sqft Built 1949

$79,900

List Price

$710

$639 - $781

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1949
  • Price/Sqft : $88.19
  • 3 Days on Market
  • MLS # : 21760884
  • Updated Date : 01/16/2021 at 17:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 906 sqft
  • Baths : 1 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Nice 3BR w/full bath w/1 car attached garage. Home has a old school wood burning fireplace ready for the winter. Newly renovated bathroom, kitchen cabinetry and countertops. New flooring throughout home and new garage door. Large fenced in side yard w/concrete pad. Home is in MOVE-In ready condition and would be great for a 1st time home owner or rental property investor. Home is easy to show and available now!

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 Woods School 99 Primary Regular 486 34 2
Arlington Woods School 99 Middle Regular 486 34 2
Arlington Middle School Middle Unknown NA

Arlington Woods School 99

  • Education Level: Primary
  • # of students: 486
  • # of teachers: 34
2
GreatSchools Rating

Arlington Woods School 99

  • Education Level: Middle
  • # of students: 486
  • # of teachers: 34
2
GreatSchools Rating

Arlington Middle School

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

$71,910$87,890$79,900

PURCHASE PRICE

$639$781$710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $710
EXPENSES Loan Payment -$278
Property Tax -$153
Property Insurance -$45
Property Management Fees -$64
CASH FLOW
$171

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.

$79,900

PROJECTED PRICE

$710

PROJECTED RENT

0.89%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$26,924

INVESTMENT

$26,924

Down Payment
$19,975
Rehab Estimate
$5,750
Closing Costs
$1,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$278

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $19,975
Loan Amount $59,925
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$15,282

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $710

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $770

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$625
1$6252$7103$7504$8255$1,000
$1,000
RENT COMPS ANALYSIS
  • 2402 North Sheridan Avenue Indianapolis, IN 2
    • 3 beds 1 baths ∙ 906 Sqft ∙ Built 1949 3 beds 1 baths ∙ 906 Sqft ∙ Built 1949
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $710
    • $0.78
    •  
  • 2260 Barnor Drive Indianapolis, IN 1
    • 3 beds 1 baths ∙ 816 Sqft ∙ Built 1949 3 beds 1 baths ∙ 816 Sqft ∙ Built 1949
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $625
    • $0.77
    •  
  • 3070 North Layman Avenue Indianapolis, IN 3
    • 3 beds 1 baths ∙ 916 Sqft ∙ Built 1937 3 beds 1 baths ∙ 916 Sqft ∙ Built 1937
    property image
    LEASED 12/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $750
    • $0.82
    •  
  • 5665 East 20th Street Indianapolis, IN 4
    • 3 beds 2 baths ∙ 918 Sqft ∙ Built 1950 3 beds 2 baths ∙ 918 Sqft ∙ Built 1950
    property image
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $825
    • $0.90
    •  
  • 2295 North Irwin Street Indianapolis, IN 5
    • 3 beds 1 baths ∙ 1,104 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,104 Sqft ∙ Built 1950
    property image
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.91
    •  
PROPERTY LISTING DETAILS
Lydia Harris
Exp Realty, Llc
BESbswy