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8538 Midsummer Drive Indianapolis, IN 46239

3 Beds 2 Baths 1,684 sqft Built 1993

$162,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $96.20
  • 3 Days on Market
  • MLS # : 21756850
  • Updated Date : 12/12/2020 at 05:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,684 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Indpls Metro N

Listing Agent's Description

Ranch style home with a private backyard! 3 bedroom, 2 bathroom home waiting for you to add your personal touches. Enjoy coffee in living room, or step out into private patio area. Entertaining guests is easy as kitchen opens up to the family room. Master bedroom offers a walk in closet and double sinks in the bathroom. Vaulted ceilings are offered in the home. Newer roof Great location. Set your showing today.

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: Wanamaker

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190kPrice in $104k197k

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

Neighborhood: Wanamaker

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q29501000105011001150120012501300Rent in $9211343

* 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
Franklin Central High School High Regular 2,503 110 9

Franklin Central High School

  • Education Level: High
  • # of students: 2,503
  • # of teachers: 110
9
GreatSchools Rating
 

$145,800$178,200$162,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$598
Property Tax -$253
Property Insurance -$60
HOA -$9
Property Management Fees -$115
CASH FLOW
$245

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.

$162,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.92%
Appreciation Year (1-5) 4.8%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$48,680

INVESTMENT

$48,680

Down Payment
$40,500
Rehab Estimate
$5,750
Closing Costs
$2,430

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$598

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $40,500
Loan Amount $121,500
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$29,468

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,292

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2803$1,3354$1,3455$1,450
$1,450
RENT COMPS ANALYSIS
  • 8538 Midsummer Drive Indianapolis, IN 2
    • 3 beds 2 baths ∙ 1,684 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,684 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.76
    •  
  • 3341 Summer Breeze Lane Indianapolis, IN 1
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2003
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 3338 Blue Ash Lane Indianapolis, IN 3
    • 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2002
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,335
    • $0.74
    •  
  • 8016 Grove Berry Way Indianapolis, IN 4
    • 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 2008
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.74
    •  
  • 8133 Whistlewood Drive Indianapolis, IN 5
    • 4 beds 3 baths ∙ 1,902 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,902 Sqft ∙ Built 2013
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.76
    •  
PROPERTY LISTING DETAILS
Cindy Cherf
1.317.370.3730
Keller Williams Indpls Metro N
BESbswy