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32%+ ROI Flip This Historic Gem In One of Downtown’s Most Desired Neighborhoods

$ 443,000 All-in
in
2065 N New Jersey St, ,
add to favorites
651
in rehab

We have the property under contract.

More Video to come shortly.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $443,000
  • Renovation duration: approx. 6 months.
  • Project duration (closing to closing): 8 months
  • Projected selling price: $675,000, but for analysis, $625,000 used
  • Projected net profit to investor(s) (before taxes; after profit share): $94,806
  • These are projections, not guarantees

Timeline:

  • Answer needed: ASAP
  • Signed docs: 5/25/17
  • Submit non-refundable deposit: 5/26/17
  • Fund project account: 5/27/17
  • Purchase-closing: 6/1/17
  • Planned purchase-closing: 8 months
  • Reno start: Depend how deal is funded
  • Reno duration: 180 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 $250,000
  • Comps in the area range from $593,000 to $710,900
  • Waiting on final rehab figures, but current estimate is $170,000 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: $675,000
  • 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 1900 and is 3,357 sq. ft.
  • 3 Beds 2 and half baths
  • House already gutted and drywalled for rehab with some work done
  • Formal Dining Room
  • Tons of Natural Light
  • Original Butler’s Pantry
  • Pocket Doors
  • Exposed Brick Throughout
  • The home is a classic but needs to be updated for a modern buyer

After Renovation, the House will feature:

  • 5 Beds and 5 and half baths
  • 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
  • New Detached Garage
  • Painted exterior and new landscaping

Comments:

Herron-Morton is one the most desirable neighborhoods in Indianapolis. It is one of the few places that someone can get this much square footage 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.

Financial Analysis

Purchase Price $250,000
Closing Costs $3,500
Estimated Renovation & Holding $170,000
Set-up Fees $4,000
Finders Fee $1,500
Prop Taxes, Insurance & Staging $5,500
Reserve $8,500
Est. All-in   $443,000
Target Selling date 1/27/2018
Target selling price $625,000
Sales commission 5.0% $31,250
Sales expenses 2% $9,375
Projected Profit   $141,375
Project ROI   32%

Profit Sharing

Investor(s) 55% $77,756
Local team 22.0% $31,103
Simply Do It (Facilitator) 23.0% $32,516
Investor’s Return On Investment (ROI)   17.55%
Duration (months)   8
Annualized ROI   23.40%

COMPS MAP

COMPS

Status                Price               MLS #                      Address                                                       Bed/Bath Sqft Year Basement

         Sold $593,000 21403983 S 2046 North New Jersey Street Indianapolis 3 5 3,998 2005 Yes
Sold $613,000 21440446 S 2050 North Alabama Street     Indianapolis 5 5 5,290 1896  Yes
Sold $634,000 21424637 S 2021 North Delaware Street    Indianapolis 4 3 4,197 1900  Yes
Sold $665,900 21450567 S 1605 North Delaware Street    Indianapolis 4 4 4,496 1910  Yes
Sold $710,900 21472773 S 1915 North Delaware Street     Indianapolis 5 4 5,258 1900   Yes

COMPS ANALYSIS

VIDEO TOUR

Address: 2065 N New Jersey St
State/County:
Zip: 46202
Country: United States
Property Id : 1813
Price: $ 443,000 All-in
Property Size: 3,357 ft2
Property Lot Size: 6,970 ft2
Rooms: 10
Bedrooms: 3
Bathrooms: 3
Year Built: 1900
Garage: Not yet
Basement: Yes
Roofing: Shingle
Rent (mo): 2500
ROI (ann): 27.55
Property Taxes (mo): 373
Repairs (mo): 100
Management Fee (mo): 175
attic
back yard
front yard
walkscore66 / Somewhat Walkable more details here

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2 thoughts on “32%+ ROI Flip This Historic Gem In One of Downtown’s Most Desired Neighborhoods

  • Richard
    on May 24, 2017

    Can you provide investor references. Can you provide me with closing statements of completed projects that show purchased and sold prices. How involved are you with the day to day project management of the renovations. I am interested in the Nashville, Indianapolis, and OKC areas.
    Thank you,
    Richard

    • Dani Beit-Or
      on May 25, 2017

      Richard, we have sent you an email with the requested info

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