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6510 Lennington Drive Indianapolis, IN 46226

3 Beds 2 Baths 1,650 sqft Built 1950

$118,000

List Price

$1,070

$963 - $1.2K

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 1950
  • Price/Sqft : $71.52
  • 3 Days on Market
  • MLS # : 21763591
  • Updated Date : 01/29/2021 at 11:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,650 sqft
  • Baths : 2 full
Listing Agent

Carpenter, Realtors®

Listing Agent's Description

This 1950's home has original hardwood floors. The master bedroom has a full bath. Granite counter tops and all kitchen appliances stay. New A/C system added 2 years ago. Water heater is 2 years old as well. Beautiful pergola covers the front porch and this property features a huge fenced in back yard.

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: Devington

NeighborhoodNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160kPrice in $56k168k

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

Neighborhood: Devington

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2650700750800850900950100010501100115012001250Rent in $6411268

* 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
Arlington Middle School Middle Unknown NA
Arlington Middle School Middle Unknown NA

Arlington Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Arlington Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$106,200$129,800$118,000

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$410
Property Tax -$227
Property Insurance -$59
Property Management Fees -$96
CASH FLOW
$278

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.

$118,000

PROJECTED PRICE

$1,070

PROJECTED RENT

0.91%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 1.8%
Maintenance Year (1-5) 8.00%
Vacancy 8.45%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$37,020

INVESTMENT

$37,020

Down Payment
$29,500
Rehab Estimate
$5,750
Closing Costs
$1,770

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$410

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $29,500
Loan Amount $88,500
See What Happens When You Reinvest Cash Flow

13.08

YEARS SAVED

$25,001

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,242

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$1,0003$1,0504$1,0705$1,200
$1,200
RENT COMPS ANALYSIS
  • 6510 Lennington Drive Indianapolis, IN 4
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $0.65
    •  
  • 3416 North Hartman Drive Indianapolis, IN 1
    • 3 beds 1 baths ∙ 1,421 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,421 Sqft ∙ Built 1959
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.65
    •  
  • 7103 East 45th Street Lawrence, IN 2
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1956
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.77
    •  
  • 6161 Meadowlark Drive Indianapolis, IN 3
    • 4 beds 1 baths ∙ 1,328 Sqft ∙ Built 1958 4 beds 1 baths ∙ 1,328 Sqft ∙ Built 1958
    property image
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.79
    •  
  • 4426 Barnor Drive Indianapolis, IN 5
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1960
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
PROPERTY LISTING DETAILS
Charles W. Curts
Carpenter, Realtors®
BESbswy