Indianapolis, Need help analyzing potential buy and hold
Hello all my Indy people.
I'm looking at a 3bed 1 bath 1000sqft home in the Wanamaker area which is South east side of Indy. House is in great shape with minimal fixes.
Wanamaker is a great area, with good school system. So i'm a little perplexed by this, as it should be a no brainer, but my research is raising some red flags.
I am having trouble nailing down the correct amount of rent I should be charging in my calculations. Rentometer is giving me an average of about $1100. But that number is skewed because surrounding Wanamaker are many vinyl village housing developments which all have pretty much identical rents. This house is a brick ranch, built in the 60's. I've seen 3 bedroom listings in the low $600's and in the high $900's in this area excluding the vinyl village neighborhoods. Thats a large swing in rent. Doesn't seem to be a good sample size to compare.
Would appreciate any of your feedback on Wanamaker area rentals.
If I can be confident in rent on the upper end then I'd be cash flowing over $400 a month. If its on the low end I'd be lucky to break even with only $100 left over.