27 N Bosart Ave Indianapolis

[Tomas Engalla]

I'm In the process of brrrrring 27 N bosart. As a rental on rentometer saids I can get 1200-1400 a month for a 2 bed 2 bath. But when I ask my property  management team they say in that area go for about 800 to 900.  Just double checking those numers and wondering why it is so off from rentometer.  The house is 1300 square feet. 

My other options make it an airbnb or a midterm rental.  airbnb numbers was about 25k a year at 50 percent occupancy. Which is not too steller but makes more than 800 a month.

3rd option would be to sell the house and find something with better numbers. 

Please let me know your thoughts highly appreciated! thank you.

[Nick Giulioni]

Hi there,

It sounds like you're in a bit of a dilemma regarding the rental potential of your property at 27 N Bosart. From your description, it seems that the area might not be ideal for Airbnb or MTR, considering it's a lower-end neighborhood. While Rentometer can be a helpful tool, it's essential to cross-reference its data with local insights.

The discrepancy between Rentometer and your property management team's rental rate estimates might be due to the radius set on Rentometer. If it's pulling comps from Historic Irvington or other higher-end areas, the data won't accurately reflect the local market for your property. It's worth double-checking the parameters and comparing similar properties within your property's immediate vicinity to get a more accurate estimate.

Based on the information you've provided, it seems that a rental rate between $900-1,200 might be more realistic for a 2 bed, 2 bath property in this area. However, without knowing the quality of the rehab, it's difficult to pinpoint a precise rental rate. It would be best to trust your property management team's advice, as they're familiar with the local market and have a better understanding of what tenants in the area are willing to pay.

Before deciding whether to rent, sell, or turn your property into an Airbnb or MTR, consider your long-term investment goals and the property's potential appreciation. If the numbers don't align with your objectives, it might be worth exploring other investment opportunities.

I hope this helps, and feel free to reach out if you have any further questions or concerns!

[Jake Knight]

I do agree with Nick here, doing a half mile radius comp in this area does no good.  This area is street by street and has changed over time.  You'll find most rents in this area on the lower end but if the property has been nicely rehabbed you should be able to get $1,200 or so a month.  I always make it a habit to drive by the property if I'm not 100% sure.

[Max C Moore]

This is probably redundant to the great responses above, but I would always cross reference with property managers. In the new age of tech we have access to data instantly but it comes with a price tag, I always advice my clients to check with a PM & disclose that my data is from rentometer. You just never know 100% if its going to play out post closing

[Mark Jones]

You are right on the cusp of Emerson Heights and Christian Park and as stated above, it does change street by street! I think the better the renovation, the higher the rent. I just drove through this area last week. It's great to see the amount of improvement that is going on, but it does vary quite a bit. Even the neighbors you have around you, and what those housese look like can make a difference. Your management company has boots on the ground and will be a better resource than rentometer. I like to run it through 2-3 automated rent analysis. It's very interesting how even those will be different. But your management company knowing the exact location will be your best bet. If you do decide to take it STR, I would make sure your mgmt company has a lot of experience with that as well. A completely different animal as far as the estimated income and the day to day management of it. Good luck!

[Kyle Butler]

Hi Tomas,

If you are interested in converting your property into a STR I can manage the property for you. I run a cohosting company in Indianapolis. I have 6 properties throughout Indianapolis. We would handle guest communications, turn over from professional cleaners, protect your asset, etc. Feel free to reach out with any questions and we can do a few dive into your property!