Updated over 9 years ago on .
Major Price Drop: Indianapolis Rent Ready
Below are the details on a rent ready SRF in the lovely Irvington area. The property has consistently rented for $725 per month, and will make a great addition to your portfolio! With a $725/month rent, this property has an NOI of $4,390! The interior of the house was just painted, brand new carpet installed, and all the appliances are included (including the washer and dryer). The loft upstairs practically makes it a 3 bedroom.
I prefer to make conservative estimates. While the property has rented at $725 recently, I want to stay on the safe side. Check out the details:
NOI Estimates:
| Assumptions | ||||
| Rent | $675 | |||
| Assessed Value | $40,500 | |||
| HOA | $0 | |||
| Cash Flow and NOI | ||||
| Cash Flow | Year 1 | Year 2 | Year 3 | |
| Gross Scheduled Income | $8,100 | $8,424 | $8,761 | |
| less Vacancy Allowance | $675 | $702 | $730 | |
| Total Operating Income | $7,425 | $7,722 | $8,031 | |
| Property Taxes | $810 | $824 | $838 | |
| Insurance | $600 | $600 | $600 | |
| HOA | $0 | $0 | $0 | |
| Maintenance Reserve (15%) | $1,215 | $1,264 | $1,314 | |
| Property Management (10%) | $810 | $842 | $876 | |
| Total Operating Expenses | $3,435 | $3,530 | $3,628 | |
| Net Operating Income (NOI) | $3,990 | $4,193 | $4,403 |
Offering