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3132 Springmeadow Lane Carmel, IN 46033

3 Beds 3 Baths 1,551 sqft Built 1994

$224,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $145.00
  • 6 Days on Market
  • MLS # : 21758630
  • Updated Date : 12/31/2020 at 08:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,551 sqft
  • Baths : 2 full , 1 half
Listing Agent

Foundation Realty

Listing Agent's Description

Take a look, move in ready 3 bd 2.5 bath home with a Carmel mailing address and Westfield Schools. Freshly painted exterior trim as well as the entire interior of the home. New Luxury Vinyl Plank has been installed in the foyer, kitchen, laundry area and all bathrooms. New carpet upstairs. New light fixtures in all bathrooms. New ceiling fans in master (remote controlled) and family room. This is a MUST see home at this price in this area, convenient to US 31, Carmel, Westfield, Zionsville, Noblesville, Indy and areas North of Westfield. Hurry, this one should sell fast as there are not many homes in this area at this price point. Fully fenced back yard. No HOA. Seller has never occupied the home.

SEE MORE

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Spring Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $118k371k

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

Neighborhood: Spring Meadows

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q21200140016001800200022002400Rent in $10152510

* 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
 

$202,410$247,390$224,900

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 -$830
Property Tax -$341
Property Insurance -$57
Property Management Fees -$131
CASH FLOW
$91

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.

$224,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.1%
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

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$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$13,596

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
  • $0.93

    LIST RENT PER SQFT
  • $1,458

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,4504$1,4505$1,699
$1,699
RENT COMPS ANALYSIS
  • 3132 Springmeadow Lane Carmel, IN 4
    • 3 beds 3 baths ∙ 1,551 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,551 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
  • 14920 Oak Road Carmel, IN 1
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1999
    property image
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 14916 Oak Road Carmel, IN 2
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1998
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.91
    •  
  • 14970 Copper Tree Way Carmel, IN 3
    • 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1996
    property image
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.98
    •  
  • 15006 Oak Road Carmel, IN 5
    • 4 beds 3 baths ∙ 1,808 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,808 Sqft ∙ Built 1996
    property image
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.94
    •  
PROPERTY LISTING DETAILS
Bruce Henderson
1.317.956.6006
Foundation Realty
BESbswy