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8009 Cardinal Cove W Indianapolis, IN 46256

3 Beds 2 Baths 2,080 sqft Built 1988

$219,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $105.72
  • 3 Days on Market
  • MLS # : 21750399
  • Updated Date : 11/06/2020 at 13:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,080 sqft
  • Baths : 2 full
Listing Agent

Carpenter, Realtors®

Listing Agent's Description

Completely Updated! Largest original floor-plan in Cardinal Cove with 2,080 sq/ft. Over $60,000 invested in past 3 years. Desirable lot on Pond. Contemporary decor and bright interior. Updates completed in 2020: ALL New CHAMPION windows and Sliding Door Unit. Remodeled Kitchen with Quartz-counters, new SS appliances, two-tier breakfast bar, new cabinets and lighting. All new hardwood laminate flooring throughout entire home. New vanities, commodes and flooring in both baths. New pre-hung interior doors throughout. New insulated Garage Door and new Openers. New Gutters (front 2020, rear 2018) Other recent updates include New Furnace and Heat Pump(A/C) in 2012. New Water Heater in 2015. Dimensional roof in 2012. Move-In Ready - like NEW!

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: I69-Fall Creek

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200kPrice in $104k208k

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

Neighborhood: I69-Fall Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q295010001050110011501200125013001350140014501500Rent in $9211541

* 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
Crestview Elementary School Of Communication (west Side) Primary Regular 375 21 3
Crestview Elementary School Of Communication (west Side) Middle Regular 375 21 3
Lawrence North High School High Regular 2,293 109 5

Crestview Elementary School Of Communication (west Side)

  • Education Level: Primary
  • # of students: 375
  • # of teachers: 21
3
GreatSchools Rating

Crestview Elementary School Of Communication (west Side)

  • Education Level: Middle
  • # of students: 375
  • # of teachers: 21
3
GreatSchools Rating

Lawrence North High School

  • Education Level: High
  • # of students: 2,293
  • # of teachers: 109
5
GreatSchools Rating
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$811
Property Tax -$343
Property Insurance -$67
HOA -$26
Property Management Fees -$133
CASH FLOW
$99

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.

$219,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 4.0%
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$600k

PROJECTED ANNUAL CASH FLOW

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

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$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$14,000

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,539

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4803$1,5254$1,6755$1,695
$1,695
RENT COMPS ANALYSIS
  • 8009 Cardinal Cove W Indianapolis, IN 2
    • 3 beds 2 baths ∙ 2,080 Sqft ∙ Built 1988 3 beds 2 baths ∙ 2,080 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.71
    •  
  • 7414 Sedgewick Way Indianapolis, IN 1
    • 3 beds 3 baths ∙ 1,844 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,844 Sqft ∙ Built 1997
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.73
    •  
  • 8409 Christiana Lane Indianapolis, IN 3
    • 3 beds 2 baths ∙ 2,160 Sqft ∙ Built 1980 3 beds 2 baths ∙ 2,160 Sqft ∙ Built 1980
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.71
    •  
  • 8365 Castle Ridge Lane Indianapolis, IN 4
    • 4 beds 3 baths ∙ 2,158 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,158 Sqft ∙ Built 1985
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.78
    •  
  • 8313 Castle Farms Road Indianapolis, IN 5
    • 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,282 Sqft ∙ Built 1984
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
PROPERTY LISTING DETAILS
Christopher Dykes
1.317.640.2210
Carpenter, Realtors®
BESbswy