710 Colescott St, Shelbyville IN 46176

3 bed/1 bath, 1146 sq ft

 

About the project

An excellent BRRRR opportunity in the highly desireable Indy syburb of Shelbyville. 710 Colescott St. is a 2 Bed / 1 Bath home to be converted to a 3 Bed / 1 Bath in rehab. Currently tenanted at $600/mo through June, renovation will commence July 1st. Built in 1928, it sits on a 4800 sq.ft. lot. This property is currently undervalued for its zip code. Average value in 46176 is $134,670.

Price:                              $70,000

Renovation:                  $35,000

Total All In:    $105,000

Rent:                                $1100/mo

Property Mgmt (10%):   $110

Insurance:                       $62

Taxes:                               $67

Maintenance (5%):         $55

Vacancy (7%):                 $77

Total Expenses:              $371

NOI per month:              $729

Cap Rate:                         8.33%

GRM:                                 7.95

Comps*:                           $120,000

* Comps are NOT a guarantee, but an estimation of after repair value (ARV)