673 River Ave, Indianapolis 46221: +801 River Ave, Vacant Lot

3bd/1ba/1112sq/$750-$800mo

Purchase Price: $15k

In the floorplan attached the TOP layout is our Proposed Layout and the BOTTOM layout is the Present Layout.

Lockbox & Alarm Code: Available upon request

673 River 46221 FPlan &

$750/mo

$9000 GROSS SCHEDULED INCOME

$720 VACANCY RATE @ 8%

$486 TAXES @ 5.4% (Addition on back not recorded on Assessment)

$415 INSURANCE @ 4.6%

$630 MAINTENANCE @ 7%

$900 MANAGEMENT @ 10%

$59 SEWER @ 0.6%

$267/mo Operating Costs @ 35.6%

$487/mo NET Cash Flow

$5840 NET Operating Income

$15000 Purchase Price (Includes Closing Costs)

$22000 Rehab Estimate

$37000 TOTAL COST

15.8% CAP RATE

SOW: Attached. We wanted to move around a couple of walls to allow direct access to each bedroom without having to walk through other rooms.

TOTAL REHAB: $22k (This includes a new water heater, furnace, heat pump, and all new PEX plumbing if they need to be replaced)

If you are paying your guys direct then you should be able to get the rehab done for $18-19k. If hired out then $22k-$23k which includes fixing the roof the right way.

(Project management referral and pricing available upon request)

MENTIONABLES

• Raised Ceilings: Master bedroom, living room 1, living room 2
• Large fenced in backyard
• Big shed in back with shelving (has existing unused shingles in packaging in storage)
• 0.8mi walk to Lucas Oil Stadium
• Closed in front porch
• Front patio
• Open floorplan kitchen with bar top
• Large laundry room
• Deal comes with the Land Lot beside it (801 River Av)

360 VIRTUAL PICTURES Neighborhood: http://360.io/vf8Kff

Backyard: http://360.io/PmdpVs

Living 1 & 2: http://360.io/ztVLPM

Master: http://360.io/54uWmt

Bed 1 & 2: http://360.io/XgcDaG

Laundry: http://360.io/zrA6dA

Kitchen: http://360.io/axZZVY

2D PICTURES

All Pics: https://drive.google.com/folderview?id=0B-SeVvpM7tGIakpuSzBKb0dzaFk&usp=sharing

Call me directly if you're interested in the property.

Thanks!

PS I have my own construction company and crew and can hit these numbers if you need somebody. We can also do tenant placement for the first month's rent.

This property is not Turnkey. It is a fixer upper in Indianapolis. 

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Taylor Jennings | 317.696.3434