So I decided that I want to do some investing in the Indy area. I reserved a property on maveric investor group site. I "reserved" it last minute but now that I've done some investigating it looks like the prices on zillow and similar sites are about $10k less and the rents are about $50-100 lower than what the site is claiming. Is anyone on here familiar with area code 46226 to give me more insight . The property is a 3 bed 1 bath 1025 sq ft located on north Lesley btwn 44 &46 st.
i got 6 single families in 46226. Happy to talk to you about my opinion. I prefer skype calls. So pm me and lets set it up
Thanks for the reply. Sorry for the late reply, I didnt get a notification that anyone replied to my post. I'll PM you and we can talk.
I have a home at 43rd & Lesley.
Don't forget the "Zestimate" is usually way off. The Zrent, however, is usually accurate.
Just as a side thought, since I've always bought turnkeys as well.... Two cautions about looking at the Zillow numbers:
1. Zillow is very often inaccurate. You'll get an appraisal done on the property and that's what you should go off of rather than a site like Zillow. If the appraisal comes in low, then you can deal with that with the seller. Go off the appraisal, now Zillow.
2. The turnkeys are freshly rehabbed/redeveloped properties. Very often the neighboring properties may be foreclosures or in less than rent-ready condition. So condition of a property is key for value. So all the more reason to focus on the appraisal and not a random website that has no idea the difference in property conditions. For the rental amounts, just ask the PM to offer you their reasoning for their valuation, and since it's turnkey, you can confirm the tenant's are paying that amount and it's a feasible amount before you close.
ok thanks for the replies. I'll consider your input regarding my decision to move forward.