1130 Saint Paul St, Indianapolis, IN, 46203
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
Every room is heavily cluttered (hoarder-level personal belongings), limiting visual assessment of underlying flooring/wall/ceiling condition. Original, dated kitchen and bathroom finishes; wood paneling and dark original trim in main living areas; popcorn ceilings throughout; one upper bedroom has a sloped knee-wall ceiling with visible water staining. The front porch roofline visibly sags at the center brick pier — the straight main roofline and second-floor window line above point toward a localized porch beam/support issue rather than whole-house foundation settlement, but this is a photo read, not a professional inspection finding. A full-house haul-away is a prerequisite for any real inspection.
Strategy Comparison
This is a real rehab project, not turnkey — but the numbers work at $100,000. A Targeted Repair scope (about $135K: porch structural fix, kitchen and bath refresh, new mechanicals, no full gut) gets you to a $320,000 ARV. Cash flip: $62,187 profit, 26.1% ROI over 4 months. Same scope on 90% hard money: only $27,488 out of pocket for $48,312 profit, 175.8% ROI. BRRRR pencils too — refinance at 75% of ARV leaves just $3,413 in the deal, though it runs about -$20/mo until rents catch up post-refi. I also modeled a Full Gut Renovation (about $215K, $370,000 ARV) — it's the safer finish level, but the extra ~$80K in rehab doesn't pay for itself at today's asking price, so I'm not breaking it out here; ask if you want to see it. A straight buy-and-hold after the Targeted Repair is the standing baseline every property gets: $1,058/mo, 8.1% cash-on-cash.
Flip — Targeted Repair (cash)
All-cash purchase, Targeted Repair scope (haul-away, structural/porch contingency, kitchen and bath refresh, cosmetic and mechanical service), sell at the $320,000 Targeted Repair ARV after a 4-month hold. No financing cost to eat into the spread.
Flip — Targeted Repair (hard money)
Same Targeted Repair scope on 90% loan-to-cost hard money at 11%/2.5pts instead of cash — only $27,488 out of pocket versus $238,613 in cash.
BRRRR — Targeted Repair (cash purchase)
Buy cash, complete the Targeted Repair scope, refinance at 75% of the $320,000 ARV — $3,413 left in the deal (98.6% of capital recycled), but the post-refi mortgage runs -$20/mo, -7.1% cash-on-cash. Nearly full capital recycling is genuinely valuable, but this is a real ongoing loss, not a strong result outright — best suited if getting capital back out fast matters more to you than monthly cash flow.
LTR — Targeted Repair (buy-and-hold)
Modeled as if the Targeted Repair renovation were done first and the property financed conventionally afterward (20% down, 7.5%, 30-yr) — not how I'd actually acquire this one given its current distressed condition, but the standing buy-and-hold baseline every property gets.
Comps
Sale Comps
Hand-picked comps: 1140 Hoyt Ave ($153/sqft) and 1709 Fletcher Ave ($162/sqft), true circa-1900 renovated comps — the Targeted Repair ARV assumes roughly a 15% discount off full-gut finish level to reflect a good-not-luxury renovation.
Rent Comps
The Numbers
Want to Talk Through This Deal?
Happy to walk through the numbers, the strategy, or anything else about this property.
All property valuations, rental income projections, expense estimates, return calculations, and other financial figures presented are estimates only and are based on assumptions that may or may not prove accurate. These projections are not warranties, guarantees, or promises of future performance. Actual results may differ materially based on market conditions, property condition, local regulations, tenant demand, operating costs, and numerous other factors. Conduct independent analysis, hire qualified professionals (appraisers, inspectors, accountants, attorneys), and verify all information before making any investment decisions.