2008 E Washington St, Indianapolis, IN 46201

Description

Eight units, all one bed one bath, on one of the most active corridors in Indianapolis. Six are leased today and bringing in $6,740 a month. The other two are vacant and turn-ready, no renovation required. Lease them at the $1,175 the building next door already gets and this property runs $9,400 a month, or $112,800 a year. That is the entire value-add, and it costs nothing but a lease-up. Every unit was renovated under current ownership. New flooring, fresh paint, updated fixtures, modern kitchens and bathrooms. Electronic locks on every door, so a turnover is not a rekey project. Seventeen months of seller actuals put operating expenses near $27,300 a year including tax...