Updated over 6 years ago on . Most recent reply
15% CAP Indy West Side 2 Story Duplex!
Location: 1237 - 1239 S Belmont Ave. Indianapolis, IN 46221
Just blocks away from Ely Lilly & newly planned development - $1.3 BIL Development at Waterside
Size: DUP 2b/1.5b each side, 2 story, full bsmt, 822 ea. side = 1644 ft2 total
Occupied on MTM leases
Current Rents (est): $500 + $485 / $985 total
Market Rents: $700-$800 ea / $1400-$1600 total (after updates to market comparable condition)
NET Cash Flow (existing): $668/mo
Taxes: $840/yr
Closing Costs (est): $1000
CAP Rate: $8160 annual net rents / $53,000 all in = 15% CAP!
Your cash price: $53,000
Value (as-is): $81,600 on customary 10% CAP using Multi-Family income approach
ARV: $120,000 after $20k updates & rent increase to $700/ea side.
Rehab Scope: Nothing upon purchase, currently rented/occupied. Update only to increase rents and cash flow!
All pics: CLICK HERE FOR PICTURES
Add'l Info/questions - CALL
Matt @ 317-836-0600 to lock this deal up today!