Updated almost 7 years ago on . Most recent reply
[Calc Review] Help me analyze this deal in Indianapolis
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Would you buy this deal? This will be my first out of state deal and I want to get it right.
The good - solid, low-maintenance tenants currently occupy the property. I won't have to do any turnover for a little while.
The bad - they're paying way below market rent, probably $150. Rent here should be $800+ for a 3 bed in this neighborhood.
I believe I can raise the rent to market over the next couple years. If the tenants leave, I'll do cosmetic updates for < $10k to get the rent to $800+.
Has anyone here successfully kept good tenants while bringing up the rents to market?