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7940 Forest Park Drive Indianapolis, IN 46217

3 Beds 1 Baths 1,000 sqft Built 1959

$149,900

List Price

$1,040

$936 - $1.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $149.90
  • 4 Days on Market
  • MLS # : 21768292
  • Updated Date : 02/26/2021 at 13:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,000 sqft
  • Baths : 1 full
Listing Agent

Berkshire Hathaway Home

Listing Agent's Description

Cozy 3 bedroom all brick ranch home that sits on over a 1/2 acre. 2.5 car detached garage with plenty of space for storage. Welcoming family room with a brick wood burning fireplace with a rustic stained mantel and a lot of natural light with large windows. Kitchen includes all appliances and has large opening into the family room to make it feel open. Full bathroom with tub and shower surround and updated vanity with sink. Large deck off the kitchen for outdoor entertaining!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Southern Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019105k110k115k120k125k130k135k140k145k150k155k160k165kPrice in $104k168k

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

Neighborhood: Southern Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2750800850900950100010501100115012001250Rent in $7291270

* 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
Douglas Macarthur Elementary School Primary Regular 650 31 5
Perry Meridian 6th Grade Academy Middle Regular 569 36 6
Perry Meridian High School High Regular 2,256 110 6

Douglas Macarthur Elementary School

  • Education Level: Primary
  • # of students: 650
  • # of teachers: 31
5
GreatSchools Rating

Perry Meridian 6th Grade Academy

  • Education Level: Middle
  • # of students: 569
  • # of teachers: 36
6
GreatSchools Rating

Perry Meridian High School

  • Education Level: High
  • # of students: 2,256
  • # of teachers: 110
6
GreatSchools Rating
 

$134,910$164,890$149,900

PURCHASE PRICE

$936$1,144$1,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,040
EXPENSES Loan Payment -$521
Property Tax -$305
Property Insurance -$46
Property Management Fees -$94
CASH FLOW
$75

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.

$149,900

PROJECTED PRICE

$1,040

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 7.7%
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-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k$7.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,474

INVESTMENT

$45,474

Down Payment
$37,475
Rehab Estimate
$5,750
Closing Costs
$2,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$521

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $37,475
Loan Amount $112,425
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$7,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,040

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $945

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$975
1$9752$1,0403$1,045
$1,045
RENT COMPS ANALYSIS
  • 7940 Forest Park Drive Indianapolis, IN 2
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,040
    • $1.04
    •  
  • 7718 Mary Lane Indianapolis, IN 1
    • 3 beds 1 baths ∙ 960 Sqft ∙ Built 1955 3 beds 1 baths ∙ 960 Sqft ∙ Built 1955
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $1.02
    •  
  • 8145 Railroad Road Indianapolis, IN 3
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1971 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1971
    property image
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,045
    • $0.87
    •  
PROPERTY LISTING DETAILS
Justin Steill
Berkshire Hathaway Home
1.866.250.5610
Metropolitan Indianapolis Board of REALTORS ( mibor)
MLS #: 21768292
Last Updated: 02/26/2021
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