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28% Cash-on-Cash: Restore This Quaint Mid Century Cottage in the Quiet Outskirts of the Downtown Area

$ 188,000 All-in
in
Carrollton Ave, ,
add to favorites
579

More photos to come shortly.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $188,050
  • Renovation duration: approx. 4 months.
  • Project duration (closing to closing): 6 months
  • Projected selling price: $260,000
  • Projected net profit to investor(s) (before taxes; after profit share): $28,848
  • These are projections, not guarantees

Timeline:

  • Answer needed: ASAP
  • Signed docs: TBD
  • Submit non-refundable deposit: TBD
  • Fund project account:TBD
  • Purchase-closing: TBD
  • Planned purchase-closing: 6 months
  • Reno start: Depend how deal is funded
  • 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:

  • The purchase price is $60,000
  • Comps in the area range from
  • Waiting on final rehab figures, but current estimate is $110,000 including holding costs
  • Goal selling price is: $260,000
  • 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.
  • This deal only lasts for 12-24 hours. Purchasing from a private source that has other parties that want the property, but promised it to us first. It is not listed on the MLS or anywhere else for sale.

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 1955 and is 1,422 sq. ft.
  • 3 Beds 1 baths
  • Formal Dining Room
  • Plenty of Natural Light
  • The home is a classic but needs to be updated for a modern buyer
  • Wooded private lot

After Renovation, the House will feature:

  • 4 Beds and 3 and full baths
  • Increased livable square footage to 2,750 after converting vaulted ceiling attic.
  • New Master Bed Bath Suite
  • Remodeled kitchen with new appliances
  • Open modern floor plan with all new paint and updating
  • All bathrooms remodeled
  • Beautifully Restored Front Porch
  • Painted exterior and new landscaping
  • New detached 2 car garage

Comments:

Fall Creek Place is one the most newly sought after neighborhoods in Indianapolis now because of it’s location close to downtown. It also is very close to Broad Ripple and Massachusetts Ave, which host the most restaurants and shopping outside of downtown. You can walk tree lined streets to dine at some of the best restaurants in town. Developers and builders have bought hundreds of lots around this area to build new homes which is driving a trend of increased pricing. It is the ideal circumstance for investors to do renovations in this environment.

Financial Analysis:

Purchase Price   $60,000
Closing Costs   $2,550
Estimated Renovation & Holding   $110,000
Set-up Fees   $3,500
Finders Fee   $1,500
Prop Taxes, Insurance & Staging   $5,500
Reserve $5,000
          Est. All-in   $188,050
     
Target Selling date   12/15/2017
Target selling price   $260,000
Sales commission 5.0% $13,000
Sales expenses 2.5% $6,500
          Projected Profit $52,450
     
          Project ROI   28%

 

Profit Sharing:

Investor(s) 55% $28,848
Local team 22.5% $11,801
Simply Do It (Facilitator) 22.5% $11,801
     
 Investor’s Return on Investment  (ROI)   15.34%
           Duration (months)   6
          Annualized ROI   30.68%

COMPS MAP

COMPS

Status                        Price                                       Address                                                          B/Ba     Sqft           Year

Pending $240,000 2020 Bellefontaine Street Indianapolis 3 3 1,855    1900
Sold $240,000 1652 Bellefontaine Street Indianapolis 3 3 2,092    1900
Sold $245,000 1902 North ParkAvenue Indianapolis 3 3 2,640      1900
Sold $284,000 2255 North Broadway St Indpls           4 2 2,640     1905
Sold $290,000 621 East 24th Street        Indianapolis  3 3 2,644    1926
Sold $298,500 1644 Bellefontaine Street Indpls          3 2 2,020    1900
Sold $299,500 2001 Carrollton Avenue Indpls         3 3 2,176 0.00 2007

COMPS ANALYSIS

 

 

Address: Carrollton Ave
State/County:
Zip: 46205
Country: United States
Property Id : 2543
Price: $ 188,000 All-in
Property Size: 1 ft2
Property Lot Size: 6 ft2
Bedrooms: 3
Bathrooms: 1
Year Built: 1955
Garage: not yet
Basement: yes
External Construction: frame
Roofing: asphalt shingle
Rent (mo): 1500
Property Taxes (mo): 766
Insurance (mo): 150
attic
gas heat
fireplace
back yard
front yard
laundry
walkscore43 / Car-Dependent more details here

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