Considering this deal. As it is the terms and selling price are not beneficial to me the buyer to buy and hold. The real estate agent asked me to send my terms that she would forward to the buyer for his consideration. Curious if I can turn this triplex into a good deal
Address: Indianapolis, IN, 46201
Neighborhood sounds like a C (based off agent's opinion)
Asking price $59,900 (Seller Finance is an option – 5 years to pay off, considering 10% down payment)
Annual Taxes $1656
Unit 1: 2/1 rents for $450 (Pays on time – like clockwork – same day/same time) Tenants for 2 years
Unit 2: 2/1 rents for $500 (larger unit than unit 1) VACANT since Aug.
Unit 3: 1/1 rents for $400 (Pays on time – like clockwork – same day/same time) Tenants for 2 years
Tenants pay all utilities and are currently month-to-month
Rent-o-meter comps are over $600/month for a 2/1.
Cosmetic repairs needed. Seller is fixing up the vacant unit
House built in 1911
Out of state owner. Uses property management company
What is the ARV on this house and how close to Emerson is it? For that zip code those two are really key as $400-$500 renters can be a headache.
You need to know a lot more about the condition of this property. You should probably also ask a local, like myself, to investigate this place first-hand to give an honest opinion.
It all depends on the exact location. 46201 is a very big zip code, and you have to be very careful. You may think that you have provided a lot of detail, but what you don't realize is that the exact location is probably the most important detail.
This could be a (decent) deal, or, it could be an absolute disaster. The property could be worth $40k, or, it could be worth up to $60k-80k. No way to know based on the information provided. If it is worth $40k and you buy it, you lose $20k on Day 1 of purchasing, irrespective of whether the seller provides financing or not.
Much hunch is it is closer to the latter than the former, but there is absolutely no way to know.
Can you Pm the address? @Ebahi Ejerekhile
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