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7609 Madden Drive Fishers, IN 46038

3 Beds 2 Baths 1,406 sqft Built 1989

$230,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $163.58
  • 3 Days on Market
  • MLS # : 21764491
  • Updated Date : 02/06/2021 at 09:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,406 sqft
  • Baths : 2 full
Listing Agent

Highgarden Real Estate

Listing Agent's Description

Amazing opportunity to own this completely modernized home in Downtown Fishers. An incredible amount of updates and love have been put into this home from top to bottom; gorgeous LVP flooring throughout main living area, Board & Batten, door hardware, and all new light fixtures. Kitchen features Dolomite countertops w/ subway tile backsplash, new stainless steel appliances, and revitalized cabinets w/ new hinges, pulls & paint. Custom touches adorn both bathrooms w/ new double sink vanity(s)/marble tops, mirrors, & fixtures. New French doors lead to the private, fully fenced yard surrounded by mature trees and updated landscape. NEST, RING security, & Schlage door lock STAY. Roof, Garage door, carpet 1 y/o. Water Heater 2018. HVAC 2007.

SEE MORE

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Orchards at Sunblest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $119k269k

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

Neighborhood: The Orchards at Sunblest

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2110012001300140015001600170018001900Rent in $10401990

* 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
New Britton Elementary School Primary Regular 621 31 9
Riverside Junior High Middle Regular 959 61 8
Fishers High School High Regular 2,964 134 9

New Britton Elementary School

  • Education Level: Primary
  • # of students: 621
  • # of teachers: 31
9
GreatSchools Rating

Riverside Junior High

  • Education Level: Middle
  • # of students: 959
  • # of teachers: 61
8
GreatSchools Rating

Fishers High School

  • Education Level: High
  • # of students: 2,964
  • # of teachers: 134
9
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$799
Property Tax -$345
Property Insurance -$54
Property Management Fees -$122
CASH FLOW
$30

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.

$230,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.0%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$7,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,364

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4503$1,5504$1,5505$1,625
$1,625
RENT COMPS ANALYSIS
  • 7609 Madden Drive Fishers, IN 1
    • 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
  • 11508 Cherry Blossom Drive E Fishers, IN 2
    • 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1988
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 6863 Cherry Laurel Lane Fishers, IN 3
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1989
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.00
    •  
  • 11545 Timberlake Lane Fishers, IN 4
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1978
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.03
    •  
  • 7265 Pymbroke Circle Fishers, IN 5
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1992
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.93
    •  
PROPERTY LISTING DETAILS
Shannon Gilbert
1.765.532.6503
Highgarden Real Estate
BESbswy