Need advise on Indianapolis: SFH 280K, 2190 rent

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Need advise on Indianapolis: SFH 280K, 2190 rent

Youwei Chen
Member since 2018 · 13 posts · 4 votes

I live in NJ, looking for an out of state rental investment using property management company, and need some advise on cost/return on investing in Indianpolis.

I will take an example listing a realtor send me: https://property.mibor.com/listing/details/2159587...

Price $279,000

Rent $2190.00

Assume I pay $100,000 down, will there be much cash flow at all?

Using https://www.mortgagecalculator.org, with 5%, 30 year, 2500tax, 1000 home insurance:

Monthly payment seem to be around: 1,252.58

Plus management fee and other fee, should be quite over $1500?

Any comment on if this is a good deal, or how I can do better?

Thanks,

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  • John Collins
    Investor · Denver, CO · Member since 2015 · 49 posts · 24 votes
    8y

    Ok I’ll take a stab at this one,i hate typing 

    Youwei ,deal - depends on your risk tolerance  ,this is a nice property,pretty much “A” location

    Hopefully you most likely will have great tenant retention (saves you lots of $ over the years)

    Doesn’t look like there is much deferred mnt. Have it inspected!

    Taxes are 2 per cent of city app value ,so your price will kick in after a year or so ,Iow your calc.is low 

    You need to allow more for insurance also ,then add in your annual maintenance.

    Bottom line your really not going to cash flow much,but you got a nice property that you will always rent 

    No matter what  happens,safe neighborhood (you would live there) 

    Again depends on what you’re trying to achieve 

    Good ,luck 

    John

    1Reply
  • Youwei Chen
    OP
    Member since 2018 · 13 posts · 4 votes
    8y

    Thanks for input.  This is an investment property and I am mainly looking for cash flow.  I might need to move to a different area.

    0Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    8y

    From a local investor's view point, that house is walking distance to Shoefly Public, Mashcraft Brewery, and Goose the Market. If the numbers work and you cash flow $100 per month that would be amazing. 

    If your cash flow goals are higher I wouldn't even consider it. That's a trendy neighborhood with more flips and large development on the horizon. 

    0Reply
  • Youwei Chen
    OP
    Member since 2018 · 13 posts · 4 votes
    8y

    Jason, thanks for give me some insight on location.  I will do bit more research as I felt the cash flow can be quite tight.

    Thanks,

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