All Forum Posts by: Account Closed

We just finished this house and put it up last week (8-9 days ago). We’ve had one offer but it fell through due to flood insurance being too high for them (they wouldn’t qualify for the loan). https://www.zillow.com/homedetails/5381-Old-Smith-Valley-Rd-Greenwood-IN-46143/85455664_zpid/

Any suggestions or things we should change to get it to sell? I know that 8-9 days aren’t much but in this area they are selling in 2-3 days. Thank you for any feedback!

@Sierra Gearlds I am a landlord, flipper and contractor here in Indy and I'd be happy to help you, feel free to reach out with any questions or help you need!

@Jason Walthall Like most of Indy, Lawrence has nice areas and not so nice areas.  If you want to post an address or cross-streets I'd be happy to give you my opinion of the area.

Originally posted by @Joseph Torres:

Thanks @Aladdin M. and @Mark Jones for the responses. I have found doing some research in local listings Duplexes offered in the range between 100 to 140k, currently rented for 1300 and 1400 (600 to 700 each unit), which would provide a positive cashflow from day 1. In theory those are in B class neighborhoods. (Crown Hill close to Children's Museum)

2 to 3 year turnaround is very acceptable for me.

Honestly, I'd consider the area around the children's museum to be more of a C- or D neighborhood, especially with that rent amount.  It does vary street by street but really all along MLK Blvd is rough and not close to a B neighborhood by any means.  Not saying its a bad idea, I just want you to be aware of how that area really is.  If I can be of more assistance feel free to connect!

@Augusta Uwah I am a contractor here in Indy if you need any help or advice on repairs or other issues feel free to reach out!

Thank you for all of the input, I am going with the one bedroom for sure.   Here in Indianapolis the one bedrooms are very affordable so I can see how a studio would be much harder to rent.  I appreciate the help!

Im planning to convert my duplex (in Indianapolis, Garfield Park area) to a triplex and need some help with a decision about the 3rd unit. Upstairs is a 2br/1ba, one downstairs unit is 1br/1ba, and the third unit in question is the one I’m not sure about. It’s smaller then the other downstairs unit. In my opinion it would make a very nice size studio unit, or a very small 1br/1ba.

From a strictly rental standpoint (the construction aspect I can handle either way), is it any harder to rent out a studio vs a 1br? I know a 1br would command higher rent, but if it’s so small then I think I’d be better as a larger studio. Just looking for some input and ideas, thank you all!

Thank you for all of the input. I am going to leave it as a duplex, it makes a lot more sense after taking everything into consideration!

@Dick Stevens you have a good point but I’m trying to look at the big picture here and if a duplex in a small town is harder to rent then that will cost me more in vacancies...

Just bought a duplex (SFH previously converted to a duplex) in a small town (New Castle, IN, about 40 minutes east of Indianapolis). Needs total rehab regardless. Question is, what would be easier to rent and manage in a small town like this? Rent for 2/1 duplex would be around $400 per unit, and as a 4/2 SFH probably $650 range. This street has 1 4-plex fully rented but all the other homes are SFH. Eventually this will be a long distance investment because I plan to move out of state in 5 years. Rehab would be cheaper and easier as SFH. I am leaning towards SFH, but I would like to hear some opinions as to why a duplex would be better (other then the $150 increase in rent as a duplex). Thank you all!