1124 E Perry St, Indianapolis, IN, 46227
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
This is a genuine, fairly complete seller's disclosure -- not a blank institutional form -- and it points to a real, itemizable scope rather than a guess. The seller discloses the plumbing as defective outright, which I've budgeted as a full re-pipe rather than a spot repair. The listing photos show a hole with exposed framing in one upper room; the disclosure doesn't say what caused it, so I've budgeted both a roof replacement and a structural/ceiling repair allowance rather than assuming it's cosmetic. Moisture and water problems in the basement are marked 'Unknown,' and the 936 sqft basement is unfinished, so I've included a foundation/moisture allowance there too. Roof age, water heater age, and central air conditioning status are all undisclosed -- the listing itself shows central electric AC, but the seller's own disclosure marks it not applicable, so I'm treating that as unconfirmed and budgeting for a full HVAC replacement to be safe. On the other side of the ledger: the electrical panel is already upgraded to 200 amps, there's no aluminum wiring, no known foundation problems, and no hazardous conditions disclosed. The kitchen and bathroom are dated but functional in the photos -- original cabinetry, older fixtures, nothing that looks like it needs to be gutted to the studs. I'd still want eyes on the roof, the plumbing, and the basement before finalizing a number -- I'm glad to go take a look in person or record a video walkthrough before you decide, just let me know.
Strategy Comparison
This one does pencil as a flip, though it's genuinely thin at the current asking price -- hard money actually loses a little money at asking, and only cash clears a modest margin. I also ran the buy-repair-refinance numbers since it's worth knowing, but rental cash flow doesn't cover a post-refinance mortgage payment at today's rates, so I'm not leading with that as a hold strategy here. I've shown both cash and hard-money financing for the Flip so you can see how each affects the numbers.
Flip
Net profit $10,150 (4.4% margin) at the current $100,000 asking price on a cash purchase -- real but thin. Hard money actually loses money at asking. The deal improves substantially with a negotiated purchase price, since the rehab and ARV don't change -- only the acquisition cost does.
Current MLS asking price (already cut 49% from the original $194,900 list). Given how thin this is at asking, I'd test an offer around $76,000, which solves for a healthy 15% margin -- cash nets $34,630 (15.1% margin) and hard money nets $22,840 (9.9% margin) at that price.
Annualized from a 5-month hold -- labeled as annualized, not a sustainable yearly rate. The at-offer figure is high mainly because so little cash is at risk relative to profit at the discounted price; margin (% of ARV) is the steadier comparison point.
Comps
Sale Comps
Two fully-renovated comps on this exact block (1120 and 1133 E Perry St) anchor the ARV, cross-checked against the county's 2025 assessed value ($226,000) and an independent automated valuation model ($242,000, 69% confidence). All three land within about $16,000 of each other.
Rent Comps
Best size/config match is 4032 S Rural St (4BD/2BA). Cross-checked against Indianapolis rent-to-value (~0.75-0.8% of ARV/mo, implying $1,725-$1,840/mo) and a smaller same-block comp -- used $1,900/mo as the BRRRR revenue basis.
The Numbers
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Happy to walk through the numbers, the strategy, or anything else about this property.
This analysis is provided for informational purposes only and does not constitute financial, legal, or investment advice. All figures are estimates based on available data and independent research at the time of preparation; they are not guaranteed and should be independently verified before making any purchase decision. Consult your own financial, legal, and tax advisors before acting on this information.