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30% ROI Renovate This Home In One the Nicest Neighborhoods In Indianapolis

Flip cost $ 278,550 All-in
in
4935 N Park Ave, ,
add to favorites
597
sold

We have the property under contract.

More Photos and Video to come.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $278,550
  • Project duration (closing to closing): 6 months
  • Projected selling price: $386,000
  • Projected net profit to investor(s) (before taxes; after profit share): $45,298
  • These are projections, not guarantees

Timeline:

  • Answer needed: TBD
  • Signed docs: TBD
  • Submit non-refundable deposit: TBD
  • Fund project account: TBD
  • Planned purchase-closing: 7 months
  • Reno start: TBD
  • Reno duration: 120 days
  • Planned listing date: TBD

Your Next Steps:

  • Best to post your questions below in the comment section (or email meet@simplydoit.net)
  • Let us know if you are interested to participate.
  • Let us know which financing option (see below) is most relevant for you and approx. how much you have available.

High-level Details About Flip:

  • Offer has been accepted and is under contract.
  • The purchase price is $180,000
  • Comps in the area range from $369,000 to $599,900
  • Waiting on final rehab figures, but current estimate is $82,000 including holding costs.
  • Currently the property is under contract for a land trust and will need to be transferred to the buyer’s name (investor’s name)
  • Goal selling price is: $399,000 
  • As always, this flip is first come, first serve.
  • All flips are eligible to be converted to long-term rentals; contact SDI for more details.

Financing/Purchasing Options:

  • You buy it solo cash / private loan and rehab with cash.
  • Close with cash and use lender funds to rehab. We have such a mortgage resource for you.
  • We partner you up with one or more Simply Do It investor(s) using one of these methods.
  • Funds can be invested in the form of cash and retirement funds.

About Land Trusts:
It’s a way to hold real estate with much more simplicity than an entity or LLC and requires a trust agreement, beneficiaries’ agreement, appointment of trustee and appointment of director. These documents will be provided to the investor(s) who participate in this flip.

House currently features:

  • Home was built in 1910 and is 2,968 sq. ft.
  • Dining Room with built-in original cabinets
  • Original Hardwood Floors
  • 2 Car Detached Garage
  • The home is in good condition but needs to be updated for a modern buyer

After Renovation, the House will feature:

  • Remodeled kitchen with new appliances
  • Open modern floor plan with all new paint and updating
  • All bathrooms remodeled
  • Newly restored hardwood floors and other original wood work
  • Painted exterior and new landscaping

Comments:

Meridian Kessler is one the most desirable neighborhoods in Indianapolis. It also is very close to Broad Ripple, which hosts the most restaurants and shopping outside of downtown. 

 

Financial Analysis

Listed for   $189,000
Purchase Price   $180,000
Closing Costs   $2,550
Estimated Renovation & Holding   $82,000
Set-up Fees   $3,000
Finders Fee   $1,500
Prop Taxes, Insurance & Staging   $4,500
Reserve   $5,000
Est. All-in   $278,550
     
Target Selling date   7/15/2017
Target selling price   $386,000
Sales commission 5.0% $19,300
Sales expenses 2% $5,790

 

Projected Profit   $82,360
 
Project ROI   30%

 

Profit Sharing

 

Investor(s) 55% $45,298
Local team 21% $17,296
Simply Do It (Facilitator) 24% $19,766
Investor’s Return On Investment (ROI)   16.26%
Duration (months) 8
Annualized ROI   24.39%

 

COMPS MAP

 

COMPS

Price     Status Address   Bedroom Bath   Sqft   Year Built Basement
$445,000 Active 4910 Broadway Street 4 3 3,864  1920  Yes
$599,900 Active 330 East 46th Street 4 4 3,433 1922 Yes
$369,000 Pending 4920 Central Avenue 3 2 3,082 1916 Yes
$393,000 Pending 4617 North Park Avenue 4 3 3,075 1922 Yes
$383,500 Sold 325 East 47TH Street 4 3 3,486 1920 Yes
$410,000 Sold 5021 Washington Boulevard 3 2 3,520 1928 Yes

 

COMPS ANALYSIS

 

Coming Soon

Address: 4935 N Park Ave
State/County:
Zip: 46205
Country: United States
Property Id : 1148
Price: Flip cost $ 278,550 All-in
Property Size: 2,968 ft2
Property Lot Size: 4,238 ft2
Rooms: 10
Bedrooms: 3
Bathrooms: 2
Year Built: 1910
Garage: Detached
Basement: Yes
Roofing: Asphalt or composite shingles
Rent (mo): 1500
Property Taxes (mo): 162
Insurance (mo): 135
gas heat
fireplace
front yard
washer and dryer
walkscore61 / Somewhat Walkable more details here

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