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.
Get a relator and ask them for rental comps for the area you are looking in. Rentometer in my area is fairly accurate but I would never rely solely on it.
@Justin Owens Wanamaker is not an area I'm as familiar with. Looking at mapliv.com it looks like there are 3 bed rentals in the area from $800 to $1300. Don't know that that is much help. For what it's worth, the one listed for $800/mo says it's a "quaint 3 bed / 1 bath", so that may be similar to yours. One for $1125/mo is a 3 bed / 2.5 bath. Could be with it being a 3/1 it would be on the lower end of the 3 bed rentals in the area.
Again, I'm not very familiar with the area, so take what I put with a grain of salt. Just trying to help and maybe play devil's advocate. I'd guess @Shawn Holsapple or @Ryan Mullin may be able to give you a better idea of rent you could expect. Good luck!
From my experience in that area the vinyl village houses are much bigger and are pretty much updated. 1500 - 2000 sq. ft with new carpet, paint, kitchen, baths etc.. whereas the older ranch homes are typically smaller and usually outdated.. 900 - 1100 sq ft. wood panelling, shag carpet, etc...
So right now those vinyl village houses are renting much higher usually 1050/month.
An older brick ranch in the long run is a much better investment imo but you are right the rent can vary. My questions would be what is the sq. footage, does it have a garage, central air, any other features and how updated will it be..?
I'm picturing a nice yard with a long drive way that leads up to a detached 2 car garage (basketball hoop and all), next to a long brick house with 1100 sq ft, fenced in back yard, with a central air unit, inside you've pulled up the shag carpet to find hardwoods that you have redone, nice kitchen and bath, nothing fancy but newer flooring, newer counter tops and vanity (just rental grade), fresh paint, nice smell.... - that rents for 900 - 950 all day.
Take the garage, fence, central air out of the equation and your left with a 700 - 750 type house...
add 30 year old shag carpet, wood panels and a musty oder and there you have a 600 - 650 house... lol.
Hope that helps... @Justin Owens
@Ryan Mullin Thanks for your thoughts on this! Definitely helps me get a handle on where the rents would be with this property.
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