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$750,000

For Sale - Active
186 W 600 N, Alexandria, IN 46001
3 Beds
3 Baths
4,876 Square Feet
3.58 Acres Lot
Built in 1994
For Sale - Active
Units n/a
Checked: 13 hours ago
Updated: Jul 17, 2025 at 06:33PM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$1,358
Cap Rate
4.0%
Cash-on-Cash Return
-9.4%
Debt Coverage Ratio
0.65
Internal Rate of Return (5 years)
-5.2%

Property Description


3.58 Acres Lot
Built in 1994
For Sale - Active
Units n/a

Need room to stretch out and the privacy to do your own thing? You've found your home in the gated community of Pineridge. 2 parcels come together and give you almost 6 full acres of freedom to rome. Bring your people home to the towering 3,200 sq.ft. 3 bedroom charm of the main all brick house. Stroll the hardwood floors, oversized bedrooms, huge kitchen island, personal built in bar, or large living room with tons of natural light. Or take your drinks out to the firepit and built in grill in the back yard. If that doesn't fit your style, head over to the built in above ground pool and custom deck for another cocktail. Having your friends over? Open up the new pole barn that has been finished out with a 6 person bar top, taps, and billiard room. Need some extra cash, the 2nd level of the pole barn is a fully functional and successful short term 1 bedroom rental. Don't forget to store your "toys" in the other part of the pole barn as well. Be peaceful or be popular when you buy this property!

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Location


Property Details


Parking

  • Description: Attached
  • Details: Attached
  • Garage Spaces: 4
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 7
  • # of Stories: 2

Exterior Features

  • Foundation: Block

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 480812400026.000017
  • Lot Size: 155771 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Traditional
  • Year Built: 1994

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Private
  • Heating: Heat Pump
  • Cooling: Central Air

Location

  • County: Madison

Listing Details


Listed by:
Jake Johnson
Redfin Corporation
(317) 218-9713

Source:
MIBOR Broker Listing Cooperative
MLS#: 22038584
MIBOR Broker Listing Cooperative

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$1,358
Cap Rate
4.0%
Cash-on-Cash Return
-9.4%
Debt Coverage Ratio
0.65
Internal Rate of Return (5 years)
-5.2%

Purchase Details

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Purchase price:
$750,000
Amount financed:
-$600,000
Down payment:
$150,000
Closing costs:
$22,500
Rehab costs:
$0
Initial cash invested:
$172,500
Square feet:
4,876
Cost per square foot:
$154
Monthly rent per square foot:
$0.74

Financing Details

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Loan amount:
$600,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$3,842
Property tax:
$0
Insurance:
$252
Private mortgage insurance (PMI):
$0
Monthly payment:
$4,094

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,600 $43,200
Vacancy loss: (6%)
6% -$216 -$2,592
Operating income:
$3,384 $40,608

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$252-$3,024
Property management: (8%)
8%-$288-$3,456
Repairs & maintenance: (5%)
5%-$180-$2,160
Capital expenditures: (5%)
5%-$180-$2,160
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$900-$10,800

Cash Flow


Monthly Yearly
Net operating income:
$2,484 $29,808
Mortgage payments:
-$3,842 -$46,104
Cash flow:
$1,358 $16,296