1221 Lee St, Indianapolis, IN, 46221
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
The interior I could see shows a recent refresh — fresh paint, newer flooring — and presents as rental-ready. I don't have photos of the bathrooms, the second unit, or the garage interior, so those are real open items I'd want a showing to close before you finalize anything. The standout feature here is the lot itself: a large, fully fenced corner parcel beyond the duplex footprint, with real (if unconfirmed) potential for a second structure.
Strategy Comparison
Current rents are essentially breakeven on a managed basis, but comparable 2BR units nearby are renting $1,250–$1,300 — well above the documented $850 — so there's real rent-growth room here. Beyond the rental economics, the extra lot is worth a serious look on its own; it's the kind of optionality that doesn't show up in a cap-rate calculation but could add real value down the line.
LTR — current rents
Conventional 20% down / 7.5% / 30-yr — this is a buy-and-hold play at documented in-place rents.
LTR — at market rent
Conventional 20% down / 7.5% / 30-yr — same financing, modeled at market rents once in-place leases turn over.
Comps
Sale Comps
Both support the $180,000 duplex-only estimate for the subject.
Rent Comps
The current $850/mo rent looks 30%+ under market for a comparable 2BR unit nearby.
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.