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3602 East 51st Street Indianapolis, IN 46205

3 Beds 2 Baths 2,832 sqft Built 1955

$209,900

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $74.12
  • 3 Days on Market
  • MLS # : 21763202
  • Updated Date : 01/29/2021 at 15:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,832 sqft
  • Baths : 2 full
Listing Agent

F.c. Tucker Company

Listing Agent's Description

Sprawling limestone 3 bd/2 ba ranch home w/ 1893 sq.ft. + 900sq.ft. basement nestled on a .69 acre lot in great Washington township location* Close to Castleton, minutes to dwntwn Indy & Broad Ripple* Spacious kitchen/breakfast room area* Mud room bench off 2 car garage* Great room w/ built ins & beautiful gas log fireplace* Large hall bath w/dbl sinks & built ins w/ cabinets & drawers* Hardwoods* 3 seasons room w/ stained concrete floor overlooks fenced bkyrd* Dining rm makes great flex space as office/playroom/den* Bsmt w/wet bar could be finished for addtl living space* New gas furnace ('20), well pump ('17), well pressure tank ('13), West side of fence new ('19), large storage shed* Home being sold "as is", needs repairs/updates.

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: Millersville

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200kPrice in $104k205k

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

Neighborhood: Millersville

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q295010001050110011501200125013001350Rent in $9211390

* 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
John Strange Elementary School Primary Regular 633 29 7
Eastwood Middle School Middle Regular 835 47 4
North Central High School High Regular 3,518 182 7

John Strange Elementary School

  • Education Level: Primary
  • # of students: 633
  • # of teachers: 29
7
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
 

$188,910$230,890$209,900

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$729
Property Tax -$405
Property Insurance -$82
Property Management Fees -$128
CASH FLOW
$76

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.

$209,900

PROJECTED PRICE

$1,420

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 4.5%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$61,374

INVESTMENT

$61,374

Down Payment
$52,475
Rehab Estimate
$5,750
Closing Costs
$3,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,475
Loan Amount $157,425
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$8,498

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.5

    LIST RENT PER SQFT
  • $1,345

    COMP ESTIMATED VALUE
  • $0.48

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,4003$1,420
$1,420
RENT COMPS ANALYSIS
  • 3602 East 51st Street Indianapolis, IN 3
    • 3 beds 2 baths ∙ 2,832 Sqft ∙ Built 1955 3 beds 2 baths ∙ 2,832 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.50
    •  
  • 4515 Staughton Drive Indianapolis, IN 1
    • 3 beds 2 baths ∙ 2,938 Sqft ∙ Built 1954 3 beds 2 baths ∙ 2,938 Sqft ∙ Built 1954
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.41
    •  
  • 6477 North Parker Avenue Indianapolis, IN 2
    • 3 beds 2 baths ∙ 2,614 Sqft ∙ Built 1958 3 beds 2 baths ∙ 2,614 Sqft ∙ Built 1958
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.54
    •  
PROPERTY LISTING DETAILS
Keri Schuster
F.c. Tucker Company
BESbswy