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6332 Burlington Avenue Indianapolis, IN 46220

3 Beds 1 Baths 1,856 sqft Built 1953

$210,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $113.15
  • 3 Days on Market
  • MLS # : 21763001
  • Updated Date : 01/29/2021 at 11:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,856 sqft
  • Baths : 1 full
Listing Agent

Century 21 Scheetz

Listing Agent's Description

Within a mile of Broad Ripple Village culture & night life, yet nestled in an area that is quiet & private-One of the best kept secrets of Broad Ripple! Cozy, Charming 3 Bd Bungalow is perfect for anyone wanting to be within walking distance of restaurants, shopping, Broad Ripple Park & the Monon w/o giving up outdoor space & a suburban feel. Home features spacious Living Rm, SS Appliances (including Gas Range) & room off Kitchen for dining or an additional sitting area. Full Basement offers plenty of bonus space to use for storage & whatever else suits your needs. Deck & Yard are perfect for entertaining or just relaxing in the warmer months ahead. AC-2018, Furnace & Wtr Htr-2016. Includes all appliances + Washer/Dryer & Water Softener.

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: Broad Ripple Village

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220kPrice in $104k225k

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

Neighborhood: Broad Ripple Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2950100010501100115012001250130013501400145015001550Rent in $9211551

* 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
Allisonville Elementary School Primary Regular 772 33 6
Eastwood Middle School Middle Regular 835 47 4
North Central High School High Regular 3,518 182 7

Allisonville Elementary School

  • Education Level: Primary
  • # of students: 772
  • # of teachers: 33
6
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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$729
Property Tax -$374
Property Insurance -$63
Property Management Fees -$132
CASH FLOW
$171

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.

$210,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.2%
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$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$16,333

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,708

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,385
1$1,3852$1,4703$1,5304$1,6505$1,800
$1,800
RENT COMPS ANALYSIS
  • 6332 Burlington Avenue Indianapolis, IN 2
    • 3 beds 1 baths ∙ 1,856 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,856 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.79
    •  
  • 3959 East 56th Street Indianapolis, IN 1
    • 3 beds 2 baths ∙ 1,555 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,555 Sqft ∙ Built 1950
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,385
    • $0.89
    •  
  • 5305 Norwaldo Avenue Indianapolis, IN 3
    • 4 beds 1 baths ∙ 1,690 Sqft ∙ Built 1949 4 beds 1 baths ∙ 1,690 Sqft ∙ Built 1949
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.91
    •  
  • 6035 Ralston Avenue Indianapolis, IN 4
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1941
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.98
    •  
  • 1919 Broad Ripple Avenue Indianapolis, IN 5
    • 3 beds 2 baths ∙ 1,994 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,994 Sqft ∙ Built 1939
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.90
    •  
PROPERTY LISTING DETAILS
Christine A. Dossman
Century 21 Scheetz
BESbswy