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4417 Downes Drive Indianapolis, IN 46235

3 Beds 2 Baths 1,436 sqft Built 1973

$100,000

List Price

$790

$711 - $869

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $69.64
  • 4 Days on Market
  • MLS # : 21751409
  • Updated Date : 11/12/2020 at 13:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,436 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Indy Metro S

Listing Agent's Description

This has been a rental home for many years but, with some cosmetics, will make a great home for an owner or to keep it as an investment property.

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: Lawrence

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190kPrice in $104k198k

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

Neighborhood: Lawrence

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2950100010501100115012001250Rent in $9211270

* 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
Indian Creek Elementary School Of Science, Technology, Engineering And Math Primary Magnet 685 33 4
Indian Creek Elementary School Of Science, Technology, Engineering And Math Middle Magnet 685 33 4
Lawrence North High School High Regular 2,293 109 5

Indian Creek Elementary School Of Science, Technology, Engineering And Math

  • Education Level: Primary
  • # of students: 685
  • # of teachers: 33
4
GreatSchools Rating

Indian Creek Elementary School Of Science, Technology, Engineering And Math

  • Education Level: Middle
  • # of students: 685
  • # of teachers: 33
4
GreatSchools Rating

Lawrence North High School

  • Education Level: High
  • # of students: 2,293
  • # of teachers: 109
5
GreatSchools Rating
 

$90,000$110,000$100,000

PURCHASE PRICE

$711$869$790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $790
EXPENSES Loan Payment -$369
Property Tax -$161
Property Insurance -$55
Property Management Fees -$71
CASH FLOW
$134

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.

$100,000

PROJECTED PRICE

$790

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 2.4%
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$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$7.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$32,250

INVESTMENT

$32,250

Down Payment
$25,000
Rehab Estimate
$5,750
Closing Costs
$1,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$369

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $25,000
Loan Amount $75,000
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$14,967

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $790

    LIST RENT
  • $0.55

    LIST RENT PER SQFT
  • $898

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$790
1$7902$8253$8654$9255$945
$945
RENT COMPS ANALYSIS
  • 4417 Downes Drive Indianapolis, IN 1
    • 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $790
    • $0.55
    •  
  • 4120 Arquette Court Indianapolis, IN 2
    • 4 beds 2 baths ∙ 1,296 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,296 Sqft ∙ Built 1970
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $825
    • $0.64
    •  
  • 9968 Ellis Drive Indianapolis, IN 3
    • 4 beds 3 baths ∙ 1,467 Sqft ∙ Built 1966 4 beds 3 baths ∙ 1,467 Sqft ∙ Built 1966
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $865
    • $0.59
    •  
  • 9413 English Oak Drive Indianapolis, IN 4
    • 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1976
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.60
    •  
  • 4008 Arquette Drive Indianapolis, IN 5
    • 4 beds 1 baths ∙ 1,413 Sqft ∙ Built 1962 4 beds 1 baths ∙ 1,413 Sqft ∙ Built 1962
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $945
    • $0.67
    •  
PROPERTY LISTING DETAILS
Scott A. Smith
1.317.893.1622
Keller Williams Indy Metro S
BESbswy