Property Walkthrough Woody Creek Condos

So let's take a look at some videos here.

Yeah, and I can, I can describe what's happening here on the left hand side there, Pete, because these are my videos. This is just around the corner, driving right down the street. Janice Drive is just north of here. And as you can see, we're coming up to a subdivision right here with all the cobblestone right at the stop sign. As you look, as you turn, you'll start to enter that neighborhood. Really nice, affluent neighborhood. The house on the right is one of the homes that's in that neighborhood. So we're talking million dollar homes, very large over that, that, that house is probably 5, 6,000 square feet, maybe more. But they're just beautiful. Right there on the left or excuse me, right down the left. Video take hand, take a left and now you're on Janice Drive. So that's where the property's located. As the right side continues to roll, you can see more beautiful homes, all brick and great landscaping. It's just a wonderful area to be in. And that, that's what makes me super excited just to be in this particular neighborhood. Here are some local comparables on the left side. This is just right down the street from Woody Creek. These are our competition. So as you can see, you've got some garages out there in the back that are detached. They're not connected. So the inside are standard condos. So they're a little bit lower end and they're right around, I believe 18, 1900 dollars on the market right now. So that'll be some competition there on the right side. That's again on the east side of Woody Creek, just a stone throw away. And these are the higher end condos. They're renting around 22 to $2,300 a month. Very nice insides. They've got the granite countertops, luxury vinyl flooring. Very nice neighborhood. A pond that's just behind there that actually connects to Woody Creek, the, the flow, that creek that sits in the back there of, of Woody Creek. So that's, that's nice.

These are rented for 22 to 2300. They're upgraded in a manner that we're going to upgrade. Right. Or, but we're, the reality is we're going to have the newer stuff, we're going to paint ours on the outside and we'll be renting for 100 or 200 bucks less than them. Right?

Right, exactly. Now here you can see all the flowing video. It's pretty cool. This is what's happened in the neighborhood. You've got plenty of entertainment just around the street. This is probably, I would say maybe five or six blocks. It's literally around the corner. And this is US 41. Very, very busy, lots of traffic. Running down 41 nonstop all day long. They've got new construction coming in that's a brand new Wendy's. They've got tons of restauran hangout spots and they've got your local home improvement of Home Depot just around the corner. So lots of folks hang out there. We didn't capture the movie theater that's just around the corner, just behind this. And then, not to mention on 41, they've got luxury dealerships, they've got Mercedes Benz, they've got Lexus, they've got everything that you need for the tenants that are there.

It's important because when Mike first told me Shearerville, Indiana, my first instinct was it's some rural area in boondocks, like where there's nothing, there's nothing there. Right. But it's complete contrary to that. So this is our property right here. Mike, take us, take us a walk through this drive by. This is Woody Creek.

Yeah, this is Woody Creek. This is on the south end. You'll see that these are the, these are four garages. These are the only detached units. And then all the rest are all attached. Beautiful, beautiful scenic views here, especially with the pine trees. But I'll let this video roll a little bit so we can see this. Now you can see some of the trees there. So I did go out there back in December. So you'll see during the spring and the fall months, the landscape is pretty nice. I mean, these trees will have their leaves green and it really brings out the property. So right now you're not getting a full aspect only because of the timing, but if you drop down on Google Maps on this particular property, you'll see those were shot in July and it's actually, it's. It's beautiful. I love the views and it's spectacular right now just viewing it here. But that's. That, that'll give it a different feel.

Yeah. These are not, these are not your typical apartments. Right? These are nice. So I was telling Mike earlier, like, look, they even have windows in their garages. It's a little detail. So I have windows in my garages and my neighbors told me I have the nicest house in the neighborhood because of the windows in my garages. So you know those little things. But look, these are 12 year old buildings, lots of brick siding. Just imagine what this, these buildings would look like with a fresh designer paint job, Fresh black asphalt and all that curb appeal. And it's renting for less than that other comparable property down the road. Not a lot of cars in the driveway is a good sign. They're either in their garage or they're working. All right, let's take a look at some of the insides.

Yeah. So they're on the left, Pete. You've got the fireplace, as you can see, situated there.

About that.

I'm just panning the. The living room. As you'll see, some vaulted ceilings. And the kitchen. There's the kitchen. Standard kitchen. Standard appliances.

I wouldn't call that standard, Mike.

Yeah, you're right. You're right. It's a little bit above standard. That's correct.

Look at, look at the staggered cabinets. You don't get that in a typical apartment like that is, that's, that's nice. A lot of single family homes, you buy a Dr. Horton home and they're not staggered cabinets, they're straight boxes. You get the nice crown molding there. So that's what I see. Like I see these little details. I used to build houses, so I see those little details and all I see is the vision of what this could be. Look at this old carpet, the old flooring. Picture that with a beautiful LVP floor buttoned up to it. Some nice granite or quartz countertops with a backsplash there. Designer paint. You know, we'll do a bright white and a navy blue or whatever. I mean, I've got a designer on staff, so I'll let her pick the colors. Something that appeals to the ladies. You know, I'm not good with colors, but we'll figure it out. And then some nice hardware. Right. Like those three things are going to.

Make a huge difference when you walk in there. It's going to make a supreme difference. It's already nice, as you said. The reason why I call it standards, because we're lifting it up. So that's, that's our standard. Yeah, that's a high bar right now. But it's. These are, these are going to be great to look at when it's all finished and finished product there, especially with the money we've got projected and planned for it. We'll have some nice options to go in there.

Yeah, Yeah. I just, I can't believe the size on these 1350 square feet for two bedroom, two bath is bigger than my first house. Okay. At a 900 square foot house, I thought that was big at the time. These are very, very spacious. You saw the size of that first closet in this video. So here's, here's an example. One of the things we talked about was whether or not we're going to do these showers. And if you'll see, this is a clean shower, tile walls and a pan there. This is not worth money switching out in our opinion. So this is one. You know, when we say we're going to do strategic updates, like we're not doing everything because I don't think we're going to get more value, especially as a rental in redoing the shower with as clean as that is. Right, Mike?

Right. Yeah. I don't think we need to tinker with that. It's. It's nice. These are move in ready products right now. So they're renting them out right now as is and they're getting it rented. So I don't think it's anything we need to worry about but just taking care of the more other items that will make that lift to a luxury feel. Here's the back of the condo. As you can see, that's woody creek going across. And there's our competitors towards the back. Now this might be just a little wash or something that collects maybe some rainfall. I don't think it actually has a creek running through.