Closed another deal - duplex in Indianapolis
We added another asset to our retirement portfolio -
We completed last week a cash purchase of an all brick duplex with 2-1 on each side in a b-c+ area in northeast Lawrence (Indy). Purchased for 45k and it needs about 10k worth of work - new roof, paint, kitchen floor, kitchen countertop and a few other minor repairs/improvements. Out of state owner wanting out. Comps are around 80-90k and rents range from 550-600 per side in the area. Excited about the property since it will be a good cash flow property added to the portfolio. Already have one side rented out while I take care of the maintenance on the other. This is property #5 which takes our total up to 8 doors being self-managed (not including our AirBnB).
As some of our Indianapolis investment friends know, we have been working to purchase this property since February this year. This is our first off-market deal that we worked and we gained some insight and experience in long-distance negotiations and purchasing. Well worth the time invested.
Now the work begins. As we repair and upgrade, we start the search for the next property...
Thanks Bigger Pockets for the ongoing training and encouragement to continue to grow our RE business!