Cashflowing 2/1 SFR in Indianapolis
I've been getting interested in the Indy market so I've just been browsing Zillow and bouncing off listing prices to the C rated neighorhoods in a recent blog post I saw. My knowledge of the market is very limited to non existent to be honest.
I came across this listing that appears to be cashflowing, meets the 1% rule, and is in a C neighborhood (based on the blog post). The listing says that tenant is paying $600. Rentometer shows similar properties in the area rented for around $700. From the pictures, the property looks in decent condition. Would require new interior paint, exterior cleaning, flooring to replace carpet (when home is vacant)
From the surface this looks like a good deal but I am only starting to learn about this market. Could I get some advice or thoughts on what I am overlooking on this property?
https://www.zillow.com/homedetails/2226-N-Goodlet-Ave-Indianapolis-IN-46222/1298043_zpid/?fullpage=true
Most Popular Reply
If you are an out of state investor, buying in this class and rent range in Indy is likely to lead you to a world of hurt. These are best left for investors local to the area IMHO.