Updated over 1 year ago on . Most recent reply
Huge Indianapolis BRRRR
Acquired on the market, this 4-unit rental needed a full remodel, creating a perfect BRRRR opportunity. It is just 1.5 miles from downtown Indianapolis and surrounded by $800,000 single-family homes. We managed this project remotely, investing $125,000 in the property. Upon completion, the property was appraised for an ARV of $550,000. Between the four 1b/1b units, the property generates $3,800 in total rent, and all utilities are paid for by tenants. With this being such a high-dollar investment property, we locked in a 30-year fixed rate with a PITI of $2,600. Creating $1,200 of total cash flow and nearly $150,000 of equity. This is one of the biggest gentrification areas in Indianapolis and will be a great long-term hold.
The market value is $550,000.
- Adam DeShone
- [email protected]
- (574) 564-8210
Most Popular Reply
#4 Managing Your Property Contributor
- Real Estate Agent
- Chicago, IL
- 2,544
- Votes |
- 1,986
- Posts
#4 Managing Your Property Contributor
- Real Estate Agent
- Chicago, IL
Nice deal! Did you not refi all the way or how is PITI so low? $550,000 * .7 = $385k which is roughly $2700 at todays rates. Then prop tax on investment rate IN for a 4 unit probably another $500 + $150 insurance, etc?