Executive Summary
Property Address: 4817 Shadow Pointe Dr, Indianapolis, IN 46254
Property Type: Single Family
Investment Type: Fix & Flip / Wholetail / Buy & Hold (optional)
Original Acquisition (Prior Owner): 2017 (purchase money mortgage ≈ $133,536)
Current Status: Occupied by Owner · Sheriff's Deed / REO (Financial Center First Credit Union)
Key Highlights
- Original Purchase / Note (2017): $133,536 (purchase money mortgage)
- Current County Gross Assessment (2024): ≈ $287,100
- Likely Resale Range After Light Rehab: $295,000 – $315,000
- Estimated Lien + Tax Payoff: $221,142.66 (to be confirmed by title)
- Seller Ask: All liens & taxes paid + $20,000 net to seller at closing
- Projected All-In Investor Basis (acquisition + light rehab): $253,342.66
- Projected Net Profit Range (flip): ≈ $18,457 – $37,257
- Projected ROI (on all-cash basis): ≈ 7–15% (depending on exit)
Property Details
Physical Characteristics
- Square Footage: 1,427 sq ft (interior livable)
- Bedrooms: 2
- Bathrooms: 2.5 (2 full, 1 half)
- Lot Size: 0.33 acres (approximately 14,375 sq ft)
- Year Built: 1992
- Stories: 2
- Property Condition: Needs Work (As-Is Sale)
- Foundation: Crawl / Raised foundation with finished basement
- Basement: Finished (partial basement)
- Roof: Asphalt (functional; age ~10 years; buyer to verify)
- Heating: Heat pump, Electric
- Cooling: Central air conditioning
- HVAC: Functional (tune-up recommended; age TBD)
- Water Heater: Functional (age TBD)
- Fireplace: Yes
- Flooring: Tile, Laminate, Linoleum/Vinyl (needs replacement/repair)
- Garage/Parking: 6 total spaces (Attached garage, Driveway, On-street parking)
- Exterior: Wood, Metal
- Framing: Frame construction
Location & Neighborhood
- City: Indianapolis
- State: Indiana
- ZIP Code: 46254
- School District: Pike Township
- School Ratings: [To be researched]
- Crime Rating: [To be researched]
- Walkability Score: [To be researched]
Nearby Amenities:
- ✓ Shopping Centers: Available nearby (to be validated by buyer)
- ✓ Restaurants: Available nearby (to be validated by buyer)
- ✓ Parks: Available nearby (to be validated by buyer)
- ✓ Public Transportation: 56th St. access (to be validated by buyer)
- ✓ Hospitals: ~15 minutes away (to be validated by buyer)
Zoning & Legal
- Zoning Classification: Use Code 510 (Single-family residence)
- Permitted Uses: Single-family residential
- HOA: Yes (Shadow Pointe HOA)
- HOA Fees: $22/month (see HOA documents in
/docs)
- HOA Restrictions: Minimal restrictions; relatively lenient (see
hoa-update.pdf in /docs)
- Property Taxes (2024 Net): $3,244.92/year
- Special Assessments: Varies by year; last assessment was $240.00 (buyer to verify via title & treasurer)
Financial Analysis
Purchase & Acquisition Costs (Investor Projection)
| Item |
Amount |
| Estimated lien + tax payoff |
$221,142.66 |
| Buyer closing costs (title, fees) |
$2,200.00 |
| Cash to seller at closing (ask) |
$20,000.00 |
| Total Acquisition Cost |
$243,342.66 |
Note: Payoff amounts are based on current working estimates and must be confirmed by title search and closing statement.
Renovation & Improvement Costs (Projected)
| Item |
Amount |
Date Completed |
Notes |
| Light rehab (flooring, paint, bathroom repair, yard) |
$10,000.00 |
TBD |
Estimated budget |
| Total Renovation Costs |
$10,000.00 |
|
|
Projected All-In Basis (Acquisition + Rehab):
$243,342.66 + $10,000.00 = $253,342.66
Operating Expenses (Monthly – Flip Scenario)
| Item |
Amount |
Notes |
| Property Taxes |
$270.41 |
$3,244.92/year ÷ 12 |
| Insurance |
[TBD] |
Property policy during hold |
| HOA Fees |
$22.00 |
Shadow Pointe HOA |
| Property Management |
N/A |
Flip scenario |
| Maintenance Reserve |
N/A |
Flip scenario |
| Vacancy Reserve |
N/A |
Flip scenario |
| Utilities (owner-paid) |
[TBD] |
During rehab/holding |
| Total Monthly Expenses |
$292.41+ |
Minimal baseline during flip (taxes + HOA) |
Exit Scenarios (Flip / Wholetail)
Assumes all-in basis of ≈ $253,342.66 (acquisition + $10K rehab).
| Scenario |
Resale Price |
Gross Profit (vs. Basis) |
Est. Selling Costs* |
Net Profit |
| Conservative |
$295,000 |
$41,657 |
≈ $23,200 |
$18,457 |
| Base Case |
$305,000 |
$51,657 |
≈ $23,800 |
$27,857 |
| Optimistic |
$315,000 |
$61,657 |
≈ $24,400 |
$37,257 |
*Selling costs assume ~6% agent commissions + ≈ $2.5K resale closing costs + ≈ $3K holding/interest.
Investors should replace with their own cost structure (e.g., in-house listing, cheaper capital).
Cash-on-Cash Return (Flip):
Based on projected net profit $18,457 – $37,257 on total cash in $253,342.66, approximate return range is ~7.3% – 14.7% for a single cycle.
Property History & Timeline
Ownership History
- Current Owner of Record: Financial Center First Credit Union (via Sheriff's Deed)
- Previous Owner: Cody J Rice-Velasquez
- Previous Purchase / Note Amount: ≈ $133,536 (2017 purchase money mortgage)
- Approximate Period of Ownership (Previous Owner): 2017–2025
- Sheriff's Sale Date: 2025-08-19
- Sheriff's Deed Recorded: 2025-12-03 (Document A202500103198)
Recorded Mortgages & Key Documents
| Year |
Doc Type |
Doc No. |
Parties / Consideration |
| 2025 |
Sheriff Deed |
A202500103198 |
FINANCIAL CENTER FCU → title via sheriff's sale |
| 2022 |
Mortgage |
A202200076094 |
Cody J Rice-Velasquez ↔ Financial Center FCU |
| 2020 |
Mortgage |
A202000094148 |
Consideration ≈ $15,700 (2nd lien) |
| 2020 |
Mortgage |
A202000094154 |
Consideration ≈ $125,600 (primary lien) |
| 2017 |
Mortgage |
A201700073231 |
Consideration ≈ $133,536 (original purchase mortgage) |
Maintenance & Repairs Needed (Known)
- Flooring replacement/repair
- Interior paint
- Bathroom floor repair (past small leak)
- Yard cleanup
- Additional issues to be identified by buyer inspection
Risk Analysis
Identified Risks
- Market Risk:
Property value depends on local market conditions and buyer demand.
Mitigation: Conservative pricing in exit scenarios; multiple comps.
- Property Risk (As-Is):
Unknowns behind walls, systems, or prior repairs.
Mitigation: Full inspection and contractor walk-through during due diligence.
- Title Risk (Sheriff's Deed / Distressed Paper):
Need to confirm all liens, judgments, and taxes are fully cleared.
Mitigation: Professional title search, title insurance, payoffs verified at closing.
- Cost Overrun Risk:
Rehab may exceed the $10K working budget.
Mitigation: Add contingency to rehab budget; walk with your own GC.
- HOA / Regulatory Risk:
HOA rules or city code may impact renovations or rentals.
Mitigation: Review HOA docs and local ordinances (see /docs/hoa-update.pdf).
Mechanical Systems – Verified via 2024 Appraisal & 2025 On-Site Photos
Summary: All mechanical systems were functional at the time of the 2024 appraisal. Seller-provided 2025 photos confirm that the water heater and furnace are operational. Property rated Condition C4 by appraiser (minor deferred maintenance, no major mechanical deficiencies). Sold strictly as-is, buyer to verify all systems.
Water Heater (Whirlpool EnergySmart)
- Brand/Model: Whirlpool EnergySmart electric water heater (digital control module)
- Capacity: Approx. 50 gallons (EnergyGuide model prefix 4773 indicates 50-gal unit)
- Estimated Age: ~6–10 years old (likely installed 2015–2019)
- Condition:
- Fully operational (display shows temperature reading at 124°F)
- Heating elements and electronic controls functioning normally
- No visible rust, corrosion, or leaks
- Copper supply lines intact; T&P line connected
- Exterior casing and wiring appear clean and maintained
- Source: Seller photos (Dec 2025)
HVAC System (Furnace + Central AC)
Furnace
- Type: Forced warm-air furnace (electric or gas to be verified by buyer)
- Condition: Operational per appraisal; seller photo confirms system powered and intact
- Notes:
- No rust on lower panel
- Condensate line intact
- Age label not visible in photo — buyer advised to verify serial number during inspection
Air Conditioner
- Condition: Functional per 2024 appraisal
- Notes: Likely needs a standard tune-up due to vacancy
Plumbing
- Condition: Functional per appraisal
- Known Issue:
- Bathroom subfloor damage from a past small leak (not documented in appraisal but disclosed by seller)
- Notes: No active leaks present near the water heater or furnace area based on seller photos
Electrical
- Condition: Functional, no hazards noted in appraisal
- Notes:
- Breaker panel not pictured but no electrical failures were noted
- Wiring near mechanicals appears clean and properly installed
Foundation / Structure
- Type: Basement + crawl space
- Condition:
- Appraisal noted no evidence of structural movement or moisture intrusion
- No foundation repairs recommended at that time
Roof
- Condition: Functional; no deficiencies documented
- Evidence: Roof and exterior system did not receive condition flags
- Appraisal Rating: Property rated C4, indicating no major mechanical or structural issues
Contact Information
Seller / Point of Contact
- Name: Cody Rice-Velasquez
- Role: Prior owner / contact for seller-side coordination
- Phone: 317-643-3489
- Email: [TBD]