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SFR Duplex or Quadplex + Options! 2536 Indianapolis Ave 4 Unit Apartment Building $280,000 ($70,000/Unit) 16.71% Cap Rate Indianapolis, IN 46208
INVESTMENT HIGHLIGHTS
- Turnkey 46208 quadplex with 7-bed rent-by-room setup, partial occupancy, and $4,900+/mo full RbR potential near Butler University and IU Health.
- $350–400K ARV range with strong comps; add sub-meters and fill 3 vacancies to boost NOI and push DSCR into the 1.6–1.8+ range.
- D5 zoning supports RbR, sober-living, subsidy programs, or Airbnb—unlocking $5,600–$12,600/mo income paths with zero rehab needed.
EXECUTIVE SUMMARY
?? 2536 Indianapolis Ave, Indianapolis, IN 46208 Quadplex | 4 Units | 7 Bed / 3 Bath Total
?? Property Snapshot Type: Quadplex (configured for rent-by-room with 7 BRs; D5 zoning allows multi-residential/group use; labeled as SFR in records but functions as multi-unit per pics)
Sqft: 3,176 total (1,978 above-grade + basement)
Lot Size: 4,791 sqft
Year Built: 1920
Condition: Fully renovated – $0 rehab needed; clean interiors with wood laminate floors, white kitchens, tiled showers, multiple bedrooms, unfinished basement for utilities/storage (brick exterior, small yards, functional spaces per photos)
Occupancy: Partial (3 vacant rooms; current RbR setup)
Asking Price: ?? Contact for Pricing
Gross Rents: $3,900/month = $46,800/year (current RbR; potential $4,900+/mo at full occupancy)
?? Valuation & ARV Range ARV Estimate: $350K – $400K (depending on use; comp-based value $457K adjusted for multi-use)
Market pushing upward in Butler-Tarkington/Near Northside with gentrification, strong RbR demand, and avg $110/sqft supporting ARV for optimized quads; recent property sale $240K (1/29/25) after listing at $280K
?? DSCR Loan Analysis (Estimate) Gross Income: $3,900/mo (current)
Annual Gross: $46,800
Estimated Expenses (30%): ~$14,040 (includes utilities if owner-paid; low taxes $2,007/yr)
NOI: ~$32,760/year
Estimated DSCR: 1.28 – 1.40 (depending on rate/terms)
Based on 20–25% down, 7.25–7.5% interest, 30-year amortization
? DSCR loan-qualified with buffer above 1.2 minimum
Ideal for out-of-state or passive buy & hold investors; recession-proof with Section 8/VA/sober-living eligibility
Alternative Rents DSCR Breakdown:
Standard Quad (4x 1-2/1 at $1,000/unit): Gross $4,000/mo | NOI ~$33,600/yr | DSCR 1.31–1.43
RbR Full (7 rooms at ~$700/room): Gross $4,900/mo | NOI ~$41,160/yr | DSCR 1.61–1.76
Sober-Living (7 rooms at $800/room): Gross $5,600/mo | NOI ~$47,040/yr | DSCR 1.84–2.01
Airbnb (short-term, 70% occ at $150/night/unit x4): Gross $12,600/mo | NOI ~$88,200/yr | DSCR 3.45–3.75 (seasonal adj)
?? Investor Highlights ? Partial cash flow day 1 – $3,900/mo with 3 vacant rooms ready for quick fill
?? $0 rehab – turnkey; add sub-meters (~$2K–$3K) to bill utilities, boosting NOI 10–15%
??? Flexible D5 zoning: RbR high-yield, standard quad, sober-living, halfway house, or Airbnb
?? Prime Butler-Tarkington location near Butler University, Ivy Tech, IU Health, parks, downtown – high demand for student/group/subsidy housing
?? Upside: Fill vacancies for $1,000/mo add'l; bridge loan for quick optimizations/exits
?? Versatile asset — perfect for DSCR, bridge loans, 1031 exchanges, or scaling multifamily portfolios
RENTAL OPTIONS:
Rent (Standard Quad): $4,000/mo ($1,000/unit) Est. Rent (Sober-Living): $5,600/mo | Est. Rent (Airbnb): $12,600/mo peak Price/Sqft (ARV): $110/sqft Rehab Estimate: $0 (turnkey) | +$2,000–$3,000 (sub-meters/utility bill-backs)
?? Rehab Scope (Rental-Grade Finish)
No major rehab needed – turnkey with clean kitchens, baths, rooms (laminate floors, tile showers, functional appliances per photos) Value-add: Install sub-meters (~$2K–$3K) for tenant-paid utilities Optional: Add laundry hookups, storage (~$5K) for RbR/sober appeal For Airbnb: Furnishings/decor (~$10K) for short-term premium Code/safety: Compliant (D5 zoning supports multi-res/group; confirm for sober/halfway)
?? Why This Deal Works for Investors
?? Immediate cash flow with $3,900/mo; fill 3 vacancies for quick $1,000/mo boost ?? Subsidy appeal (Section 8/VASH/rapid rehousing) = reliable tenants, low vacancy ?? $75K+ ARV spread; bridge loan for adds/exits to retail or investors ?? NOI boost via sub-meters, parking fees, laundry if added ?? Nearby drivers: Butler University/Ivy Tech (colleges), IU Health (hospitals), Crown Hill Cemetery/parks, downtown transit/entertainment/redev = strong demand ?? Turnkey entry; DSCR 1.28+ base, higher optimized ?? Quick flip: Minor cosmetics, 60-day hold, $50K+ profit; bridge loan refi to DSCR
?? Quick Numbers Recap
Rehab: $0 | w/ Adds: $2–3K All-In: Contact + Adds ARV: $350–400K Rent Potential: $3,900/mo ($46,800/yr) | $4,900/mo full RbR Cap Rate (Proforma): ~11% (current) | ~13%+ (optimized) ROI Range: 18–25% cash-on-cash (20% down, DSCR) or $75K+ flip profit
?? Looking for More Off-Market Inventory? We offer:
?? Single-Family Rentals
?? Duplexes, Triplexes, & Quads & MORE!
?? Turnkey Cash Flow Properties
?? Light-to-Heavy Rehab Projects
?? Creative Financing & Seller Carry Deals
?? Browse full inventory at: www.reioffer.net ?? Contact Jamie Franklin | Acquire JDF Corp | 317-610-9834
*This is part of a RENT BY ROOM portfolio- Can buy together or separately -- Rent by Room or Traditionally
?? Property Snapshot Type: Quadplex (configured for rent-by-room with 7 BRs; D5 zoning allows multi-residential/group use; labeled as SFR in records but functions as multi-unit per pics)
Sqft: 3,176 total (1,978 above-grade + basement)
Lot Size: 4,791 sqft
Year Built: 1920
Condition: Fully renovated – $0 rehab needed; clean interiors with wood laminate floors, white kitchens, tiled showers, multiple bedrooms, unfinished basement for utilities/storage (brick exterior, small yards, functional spaces per photos)
Occupancy: Partial (3 vacant rooms; current RbR setup)
Asking Price: ?? Contact for Pricing
Gross Rents: $3,900/month = $46,800/year (current RbR; potential $4,900+/mo at full occupancy)
?? Valuation & ARV Range ARV Estimate: $350K – $400K (depending on use; comp-based value $457K adjusted for multi-use)
Market pushing upward in Butler-Tarkington/Near Northside with gentrification, strong RbR demand, and avg $110/sqft supporting ARV for optimized quads; recent property sale $240K (1/29/25) after listing at $280K
?? DSCR Loan Analysis (Estimate) Gross Income: $3,900/mo (current)
Annual Gross: $46,800
Estimated Expenses (30%): ~$14,040 (includes utilities if owner-paid; low taxes $2,007/yr)
NOI: ~$32,760/year
Estimated DSCR: 1.28 – 1.40 (depending on rate/terms)
Based on 20–25% down, 7.25–7.5% interest, 30-year amortization
? DSCR loan-qualified with buffer above 1.2 minimum
Ideal for out-of-state or passive buy & hold investors; recession-proof with Section 8/VA/sober-living eligibility
Alternative Rents DSCR Breakdown:
Standard Quad (4x 1-2/1 at $1,000/unit): Gross $4,000/mo | NOI ~$33,600/yr | DSCR 1.31–1.43
RbR Full (7 rooms at ~$700/room): Gross $4,900/mo | NOI ~$41,160/yr | DSCR 1.61–1.76
Sober-Living (7 rooms at $800/room): Gross $5,600/mo | NOI ~$47,040/yr | DSCR 1.84–2.01
Airbnb (short-term, 70% occ at $150/night/unit x4): Gross $12,600/mo | NOI ~$88,200/yr | DSCR 3.45–3.75 (seasonal adj)
?? Investor Highlights ? Partial cash flow day 1 – $3,900/mo with 3 vacant rooms ready for quick fill
?? $0 rehab – turnkey; add sub-meters (~$2K–$3K) to bill utilities, boosting NOI 10–15%
??? Flexible D5 zoning: RbR high-yield, standard quad, sober-living, halfway house, or Airbnb
?? Prime Butler-Tarkington location near Butler University, Ivy Tech, IU Health, parks, downtown – high demand for student/group/subsidy housing
?? Upside: Fill vacancies for $1,000/mo add'l; bridge loan for quick optimizations/exits
?? Versatile asset — perfect for DSCR, bridge loans, 1031 exchanges, or scaling multifamily portfolios
RENTAL OPTIONS:
Rent (Standard Quad): $4,000/mo ($1,000/unit) Est. Rent (Sober-Living): $5,600/mo | Est. Rent (Airbnb): $12,600/mo peak Price/Sqft (ARV): $110/sqft Rehab Estimate: $0 (turnkey) | +$2,000–$3,000 (sub-meters/utility bill-backs)
?? Rehab Scope (Rental-Grade Finish)
No major rehab needed – turnkey with clean kitchens, baths, rooms (laminate floors, tile showers, functional appliances per photos) Value-add: Install sub-meters (~$2K–$3K) for tenant-paid utilities Optional: Add laundry hookups, storage (~$5K) for RbR/sober appeal For Airbnb: Furnishings/decor (~$10K) for short-term premium Code/safety: Compliant (D5 zoning supports multi-res/group; confirm for sober/halfway)
?? Why This Deal Works for Investors
?? Immediate cash flow with $3,900/mo; fill 3 vacancies for quick $1,000/mo boost ?? Subsidy appeal (Section 8/VASH/rapid rehousing) = reliable tenants, low vacancy ?? $75K+ ARV spread; bridge loan for adds/exits to retail or investors ?? NOI boost via sub-meters, parking fees, laundry if added ?? Nearby drivers: Butler University/Ivy Tech (colleges), IU Health (hospitals), Crown Hill Cemetery/parks, downtown transit/entertainment/redev = strong demand ?? Turnkey entry; DSCR 1.28+ base, higher optimized ?? Quick flip: Minor cosmetics, 60-day hold, $50K+ profit; bridge loan refi to DSCR
?? Quick Numbers Recap
Rehab: $0 | w/ Adds: $2–3K All-In: Contact + Adds ARV: $350–400K Rent Potential: $3,900/mo ($46,800/yr) | $4,900/mo full RbR Cap Rate (Proforma): ~11% (current) | ~13%+ (optimized) ROI Range: 18–25% cash-on-cash (20% down, DSCR) or $75K+ flip profit
?? Looking for More Off-Market Inventory? We offer:
?? Single-Family Rentals
?? Duplexes, Triplexes, & Quads & MORE!
?? Turnkey Cash Flow Properties
?? Light-to-Heavy Rehab Projects
?? Creative Financing & Seller Carry Deals
?? Browse full inventory at: www.reioffer.net ?? Contact Jamie Franklin | Acquire JDF Corp | 317-610-9834
*This is part of a RENT BY ROOM portfolio- Can buy together or separately -- Rent by Room or Traditionally
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Storage Space
- Heating
- Kitchen
- Tub/Shower
- Yard
- Basement
- Family Room
- Smoke Free
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Security System
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | - | - |
1 1
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SFR Duplex or Quadplex + Options! | 2536 Indianapolis Ave
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