Huge Indianapolis BRRRR

[Adam DeShone]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Shawboro.

Purchase price: $280,000
Cash invested: $125,000

Acquired on the market, this 4-unit rental needed a full remodel, creating a perfect BRRRR opportunity. It is just 1.5 miles from downtown Indianapolis and surrounded by $800,000 single-family homes. We managed this project remotely, investing $125,000 in the property. Upon completion, the property was appraised for an ARV of $550,000. Between the four 1b/1b units, the property generates $3,800 in total rent, and all utilities are paid for by tenants. With this being such a high-dollar investment property, we locked in a 30-year fixed rate with a PITI of $2,600. Creating $1,200 of total cash flow and nearly $150,000 of equity. This is one of the biggest gentrification areas in Indianapolis and will be a great long-term hold.
The market value is $550,000.

[Lauren Perry]

That's fantastic! Congratulations. 

Which area of Indianapolis was this one located?