Good afternoon BP! First time posting on here. Been a big fan of BP website and podcasts. I'm looking into investing in my first property which is a duplex property in Home Place area up in Carmel. It is a 2 bed 1 bath on both sides. I ran the BPinsights rent and they were saying an average $1350. Was wondering if other people have experience in regards to BP Insights and see if it is pretty close to the real pricing. Just a quick searching I was finding properties for rent around the $800 range. Just concern because the property won't work out with $800 a month.
I found BP Insights was off my rental--but that was when they first launched it. I have my realtor run rental comps and verify with your PM. Best of luck!
(If this is the deal I think it is, I would have guessed $800, to be conservative ;) )
If you're talking Nora, College Common, or south Carmel I'd command at least $800. I'm getting $900 for a two bdrm SFH on the east side. I'd also expect a massive price tag unless you found a good deal. Nothing is impossible but everyone knows how pricey the northside is. COVID also has Chicago buyers picking up property on the northside Indy. It's a frenzy up there.
Right in my backyard. I'd have to see the finishes, amenities, and such. However, I wouldn't count on 1300 for a 2/1 in that area. Just imo. I don't use BP insights either.
I rent a 2 bed-1 bath unit in Home Place. Its a side-by-side duplex. The unit is in good condition with a washer and dryer provided. There's no dishwasher or garage. The market rent is around $850-$900 a month for similar units.
Hope this helps.
Updated 23 days ago
I forgot to mention that water, sewer & trash pickup is included in my rent.
As others have said. No way $1350 for that. Glad you asked and glad the locals stepped up.
Thank you everyone for providing great insight with my question. I really appreciate the support and confirmation. I'm trying to learn the best way to estimate rental income pricing. Do you all have website recommendations to do my research in regards to rental income?
@Andrew Moster just check local ads like homes.com, apartments.com, etc. Act like you are a tenant searching for a rental in your target area and I bet you become an expert quicker than you think!
We also have a multi unit building in Homeplace. Each unit is 1.1 and rents for around $750-$800. The condition and amenities play a role here. I'd suggest having your Realtor or PM comp it out for you. I'm also happy to help if I can learn more.