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2426 East 68th Street Indianapolis, IN 46220

3 Beds 1 Baths 2,200 sqft Built 1953

$190,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $86.36
  • 5 Days on Market
  • MLS # : 21763322
  • Updated Date : 01/27/2021 at 10:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,200 sqft
  • Baths : 1 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Book your showing now to see this updated home nestled in a quiet neighborhood on an impasse street! Complete with oversized bedrooms not common for this era of home, a custom bathroom, spacious kitchen with a breakfast bar, and a dining room. Outdoor space is abundant with a large yard, a front porch perfect for your morning coffee or nightcap, and the backyard has a new privacy fence featuring 3/4" pressure-treated pine. The 2 car detached garage has had electricity wired to it, and both garage doors and garage door openers were replaced in 2018 and are Wi-Fi enabled. Other recent updates include A/C, roof replacement, water heater & Pella windows. Prime location close to Broad Ripple, Fashion Mall, and Downtown Indy!

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: Glendale

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k239k

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

Neighborhood: Glendale

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q29501000105011001150120012501300135014001450Rent in $9211478

* 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
Nora Elementary School Primary Regular 705 35 5
Eastwood Middle School Middle Regular 835 47 4
North Central High School High Regular 3,518 182 7

Nora Elementary School

  • Education Level: Primary
  • # of students: 705
  • # of teachers: 35
5
GreatSchools Rating

Eastwood Middle School

  • Education Level: Middle
  • # of students: 835
  • # of teachers: 47
4
GreatSchools Rating

North Central High School

  • Education Level: High
  • # of students: 3,518
  • # of teachers: 182
7
GreatSchools Rating
 

$171,000$209,000$190,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$660
Property Tax -$339
Property Insurance -$70
Property Management Fees -$131
CASH FLOW
$251

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.

$190,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 3.4%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,100

INVESTMENT

$56,100

Down Payment
$47,500
Rehab Estimate
$5,750
Closing Costs
$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,500
Loan Amount $142,500
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$25,264

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,613

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,7003$1,7254$1,800
$1,800
RENT COMPS ANALYSIS
  • 2426 East 68th Street Indianapolis, IN 1
    • 3 beds 1 baths ∙ 2,200 Sqft ∙ Built 1953 3 beds 1 baths ∙ 2,200 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.66
    •  
  • 5845 Brouse Avenue Indianapolis, IN 2
    • 3 beds 2 baths ∙ 2,502 Sqft ∙ Built 1948 3 beds 2 baths ∙ 2,502 Sqft ∙ Built 1948
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.68
    •  
  • 2614 East 57th Street Indianapolis, IN 3
    • 3 beds 2 baths ∙ 2,454 Sqft ∙ Built 1952 3 beds 2 baths ∙ 2,454 Sqft ∙ Built 1952
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.70
    •  
  • 1654 Broad Ripple Avenue Indianapolis, IN 4
    • 3 beds 2 baths ∙ 2,200 Sqft ∙ Built 1950 3 beds 2 baths ∙ 2,200 Sqft ∙ Built 1950
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
PROPERTY LISTING DETAILS
Andrea Ratcliff
1.317.682.8230
Redfin Corporation
BESbswy