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484 Carol Drive Greenwood, IN 46143

3 Beds 1 Baths 960 sqft Built 1957

$139,900

List Price

$1,010

$909 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $145.73
  • 4 Days on Market
  • MLS # : 21758848
  • Updated Date : 01/01/2021 at 14:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 960 sqft
  • Baths : 1 full
Listing Agent

Monteith-legault Real Estate C

Listing Agent's Description

Cozy starter home, well-maintained & located in well-established Greenwood neighborhood. Minutes from old Downtown Greenwood, Highway 65, & all things south side. Open floor plan boasts large bay window with seat, laminated hardwood throughout, large living & dining area with plenty of windows and natural light. Kitchen complete w/ custom maple cabinets, ceramic tile floor, breakfast bar & new garbage disposal. Step out the back door to the fully fenced backyard, firepit, & detached, insulated garage w/ all new electric. New storm doors installed front & rear. Ample storage in the well insulated attic space with partial floors. All kitchen appliances, washer & dryer, and home warranty are included in this sale. A must see, NO HOA!

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: Greenwood

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220kPrice in $119k222k

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

Neighborhood: Greenwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2105011001150120012501300135014001450150015501600Rent in $10401604

* 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
Greenwood Northeast Elementary School Primary Regular 309 25 5
Greenwood Middle School Middle Regular 908 46 7
Greenwood Community High School High Regular 1,172 57 6

Greenwood Northeast Elementary School

  • Education Level: Primary
  • # of students: 309
  • # of teachers: 25
5
GreatSchools Rating

Greenwood Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 46
7
GreatSchools Rating

Greenwood Community High School

  • Education Level: High
  • # of students: 1,172
  • # of teachers: 57
6
GreatSchools Rating
 

$125,910$153,890$139,900

PURCHASE PRICE

$909$1,111$1,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,010
EXPENSES Loan Payment -$516
Property Tax -$176
Property Insurance -$46
Property Management Fees -$91
CASH FLOW
$181

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.

$139,900

PROJECTED PRICE

$1,010

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,824

INVESTMENT

$42,824

Down Payment
$34,975
Rehab Estimate
$5,750
Closing Costs
$2,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$516

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $34,975
Loan Amount $104,925
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$22,976

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,010

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $936

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$875
1$8752$9253$1,010
$1,010
RENT COMPS ANALYSIS
  • 484 Carol Drive Greenwood, IN 3
    • 3 beds 1 baths ∙ 960 Sqft ∙ Built 1957 3 beds 1 baths ∙ 960 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,010
    • $1.05
    •  
  • 809 Riverside Drive Greenwood, IN 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1967
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $875
    • $0.88
    •  
  • 115 Marcy Lane Greenwood, IN 2
    • 3 beds 1 baths ∙ 864 Sqft ∙ Built 1958 3 beds 1 baths ∙ 864 Sqft ∙ Built 1958
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $1.07
    •  
PROPERTY LISTING DETAILS
Christopher Ripperger
Monteith-legault Real Estate C
BESbswy