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Indy Flip Alert: Projected 43K Profit in 7 Months W/ 25%+ Annual ROI

All- In $ 289,900
in
,
add to favorites
476
funded

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $289,900
  • Renovation duration: approx. 4.5 months
  • Project duration (closing to closing): 7 months
  • Projected selling price: $399,000
    In case a carriage house can be build (apartment above garage) and approved by the city:

    Added to budget: $20,000
    Increase in selling price: $40,000 to $50,000
  • Projected net profit to investor(s) (before taxes; after profit share): $43,546
  • 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: 7 months
  • Reno start: Depend how deal is funded
  • 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 $147,900
  • Comps in the area range from $369,000 to $412,00
  • Waiting on final rehab figures, but current estimate is $122,000 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: $425,000 (not considering carriage house approval)
  • 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 1920 and is 3,556 sq. ft (not including very large basement).
  • 6 Beds 2 and full baths
  • House already gutted and drywalled for rehab with some work done
  • Currently a Duplex
  • Two terraces
  • Parking pad for 2 cars
  • Amazing large brick home with corner lot
  • Excellent layout ready to combine two sides into one amazing home
  • The home is a classic but needs to be updated for a modern buyer

After Renovation, the House will feature:

  • 5 Beds and 3 and full 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 terraces with wrought iron railings for relaxation and entertaining
  • New Detached Garage
  • Restored and modernized brick exterior and new landscaping

Comments:

Meridian Kessler is one the most prestige urban neighborhoods in Indianapolis. It is one of the few places that someone can get this much square footage close to downtown, but even closer to Broad Ripple and Massachusetts Ave, which host the most restaurants and shopping outside of downtown. You can walk and dine at some of the best restaurants in town in a safe family oriented neighborhood. This is a gem of a home. It will become a very unique property in one the most desirable neighborhoods.

Financial Analysis

Purchase Price   $147,900
Closing Costs   $2,550
Estimated Renovation & Holding   $122,000
Set-up Fees   $3,500
Finders Fee   $1,500
Prop Taxes, Insurance & Staging   $6,500
Reserve   $5,950
Est. All-in   $289,900
     
Target Selling date   12/28/2017
Target selling price   $399,000
Sales commission 5.0% $19,950
Sales expenses 2% $9,975
Projected Profit   $79,175
     
Project ROI   27%

Profit Sharing

Investor(s) 55% $43,546
Local team 21.5% $17,023
Simply Do It (Facilitator) 23.5% $18,606
     
Investor’s Return On Investment (ROI)   15.02%
Duration (months)   7
Annualized ROI   25.75%

COMPS MAP

Status                Price                                     Address                          Bed/Bath Sqft Year Basement

COMPS

Pending $369,000 3849 North Delaware Street Indianapolis 4 3 3,553 1910 Yes
  Pending $375,000 4305 CENTRAL Avenue Indianapolis 5 4 3,924 1922 Yes
  Sold $378,000 4372 Central Avenue Indianapolis 4 2 2,738 1925 Yes
  Sold $388,000 4306 Broadway Street Indianapolis 4 3 4,454 1900 Yes
  Sold $389,000 4040 North Park Avenue Indianapolis 4 3 3,606 1929 Yes
  Sold $412,000 4343 Broadway Street Indianapolis 4 4 3,726 1920 Yes

COMPS ANALYSIS

VIDEO

https://www.youtube.com/watch?v=USJ_tEH_vKs

State/County:
Zip: 46205
Country: United States
Property Id : 3511
Price: All- In $ 289,900
Property Size: 3,556 ft2
Property Lot Size: 6,534 ft2
Rooms: 15
Bedrooms: 6
Bathrooms: 2
Year Built: 1920
ROI (ann): 25
walkscore59 / Somewhat Walkable more details here

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