Priced at: $2,130,000

This is a quality investment. I was at this buidling last month and this is a B level rental, that is a serious cash cow. All rennovations are complete. Potential upside to increase cap rate is to build laundry facility. All current utilities are metered other than water, which is owner's responsibility. No gas meters for electric only, which is the cheaper utility. Weather is warming up so will the rental market.

Sales price is $2.13M, 20% down financing available at 6.5% upon approval. Shadeland Apartments, 100 units 11 cap rate. We took this apartment complex and completely rebuilt and kicked out all of the undesirables. You have quality tenants to work with now that undergo a stringent screening and application process. Talk about drama, these units were getting 75 police calls a month that was then this is now. If you review the spreadsheet, the you will see current OCC at 78%, the numbers don't quite match up on current because we have been building to the current 78% over the last year. We have enough rental application to easily reach the 85% OCC target. You can review first year performance and then look at year 2, that will give you the right picture of the expected performance for next year and beyond. 1 year free property management will push the first year cap rate to 13.

Demand for housing from first time homeowners has stayed very strong. Interest from out of state investors is at a 10-year high. Section 8 rents tend to average 10-15% higher than fair market rents in low income neighborhoods. New Democratic Congress will increase section 8 spending! Other Midwest cities have negative population growth. Indy has POSITIVE GROWTH. Unemployment in Indianapolis is less than national average. Indianapolis a HUGE SPORTSTOWN. NCAA headquarters, largest Indy car race (500), 2nd largest NASCAR race (brickyard 400), largest drag racing event (US nationals), 2012 Superbowl. Huge pharmaceutical industry! Eli Lilly world headquarters and countless associated companies. Less than 10% vacancy rates. Rents rising at 5% a year coupled with a the last 2 years only having a 3.5% drop in values (low compared to rest of country) Because it is the State Capitol, there are thousands of government jobs. Three universities?Butler, Indiana University-Purdue University Indianapolis (IUPUI), University of Indianapolis. Over 50,000 full time students. Indianapolis has a Convention industry that is growing rapidly. Hotels are running at 97% occupancy causing construction of new convention center and 1000 new hotel rooms. Capitalization rates of 12-20% in working class and middle class investors. Most affordable housing in the US. (median income compared to median home prices) Lowest unemployment rate in Midwest.