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534 South Hendricks Drive Greenwood, IN 46142

3 Beds 2 Baths 1,464 sqft Built 1958

INVESTimate

$125,000

List Price

$1,130

$1,017 - $1,243

Rent Est.

$131,588  ( +5.27%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1958
  • Price/Sqft : $85.38
  • 6 Days on Market
  • MLS # : 21732880
  • Updated Date : 08/21/2020 at 12:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,464 sqft
  • Baths : 2 full
Listing Agent

Smythe & Co, Inc

Listing Agent's Description

**Attention Investors** Priced to sell! This house has good bones. It has been prepped, walls primed and sub-floors laid. It is a blank canvas ready for you to come in and add a few appliances and flooring without having to do all the tear out! Plumbing, electric, water heater, sump pump, fireplace, & HVAC are all functional. Roof is 10 years old. Nice size lot in a peaceful neighborhood with mature trees. Prime location in the Center Grove School District, between 135 and 31.

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: Greenwood

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200kPrice in $119k207k

* 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
North Grove Elementary School Primary Regular 612 30 5
Center Grove Middle School North Middle Regular 884 50 7
Center Grove High School High Regular 2,455 112 9

North Grove Elementary School

  • Education Level: Primary
  • # of students: 612
  • # of teachers: 30
5
GreatSchools Rating

Center Grove Middle School North

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 50
7
GreatSchools Rating

Center Grove High School

  • Education Level: High
  • # of students: 2,455
  • # of teachers: 112
9
GreatSchools Rating
 

$112,500$137,500$125,000

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

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$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$461
Property Tax -$150
Property Insurance -$55
Property Management Fees -$102
CASH FLOW
$362

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.

$125,000

PROJECTED PRICE

$1,130

PROJECTED RENT

0.90%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 5.27%
Maintenance Year (1-5) 8.00%
Vacancy 7.73%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$38,875

INVESTMENT

$38,875

Down Payment
$31,250
Rehab Estimate
$5,750
Closing Costs
$1,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$461

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $31,250
Loan Amount $93,750
See What Happens When You Reinvest Cash Flow

15.58

YEARS SAVED

$37,781

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,205

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,130
1$1,1302$1,1753$1,1954$1,445
$1,445
RENT COMPS ANALYSIS
  • 534 South Hendricks Drive Greenwood, 1
    • 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.77
    •  
  • 1126 Barefoot Trail Greenwood, 2
    • 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1966
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.86
    •  
  • 3880 West Smith Valley Road Greenwood, 3
    • 4 beds 1 baths ∙ 1,675 Sqft ∙ Built 1958 4 beds 1 baths ∙ 1,675 Sqft ∙ Built 1958
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.71
    •  
  • 4059 Restin Court Greenwood, 4
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1970
    LEASED 03/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.90
    •  
PROPERTY LISTING DETAILS
Michelle L. Linton
Smythe & Co, Inc
BESbswy