Feedback on deal analysis for property in Indianapolis
How does this look for a turnkey property in Indianapolis?
Duplex, 3 br, 1 bath per side
purchase price $69,000, all rehab done, renter in place
each side rents for $650
I estimated $764 per month in expenses (10% each for maintenance, cap ex, vacancy, property management).
If I'm able to get a loan and take advantage of leverage, seems like the property would return 20% cash-on-cash. Or, if loans of $55,000 aren't possible, then paying all cash is ROI of 9%.
Seems really great to me... am I being realistic?
Most Popular Reply
My $.02. That's way too much money for a piece of property in that neighborhood. Duplexes are seen as not ideal in Indy, especially in bad areas. On paper it might look good, but your tenant turn over will most likely be through the roof. If you want to buy property in Indianapolis PM me. I've lived in Indy my whole life and I will gladly give you my opinion on the area for free