1525 Spruce St, Indianapolis, IN, 46203
Condition Notes
This one's a lighter lift than it might look at first glance. From the photos I reviewed, the bathroom has already been renovated — white subway tile, an updated tub and toilet, good condition, nothing to do there. The kitchen is dated but functional: white cabinets, a laminate counter, a gas range, and the floor underneath is intact. One room has had its old flooring pulled and needs new flooring put down — that's a cosmetic fix, not a structural one. The rest of the interior shows original hardwood and laminate in decent shape with fairly fresh paint. Outside, the siding is mostly sound with one buckled panel on the front gable that needs a spot repair, the brick porch base is in good shape, and a few windows have torn screens. The yard needs real clearing — there's heavy overgrowth and a debris pile near the back door. The roof and the HVAC/water heater are around 20 years old, so I've budgeted for full replacement on those rather than just a repair, even though I didn't see signs of an active leak in the photos. I'd also want eyes on the crawlspace before locking in a final number — the listing notes it as unfinished, but no photos of it were included. 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 is an off-market deal, but a lighter rehab than most that come through — so I'm leading with Flip since the numbers are strong and the hold period is short. I also ran a buy-repair-refinance path for anyone who'd rather keep it: short-term rental is the only rental exit that clears once you layer in a refinance, at roughly $370/mo cash flow and an 11.7% cap rate. A standard long-term lease and a furnished mid-term lease both go slightly negative once refinanced, so I'm not leading with either of those. Both cash and hard-money financing are shown for the Flip and the short-term-rental hold — the hard-money version needs a lot less cash to get started and still works well here.
Flip
Net profit $22,552 at the mid-case $155,000 ARV (18.5% ROI over a 4-month hold, ~55.6% annualized). Conservative case ($145,000 ARV): $13,252 net profit, 10.9% ROI. Optimistic case ($175,000 ARV): $41,152 net profit, 33.8% ROI. Viable across the full ARV range — this isn't a knife's-edge result. The hard-money version needs only about $18,000 cash to close and still nets $15,744 at the mid-case ARV.
Current wholesale asking price — already the basis for all calculations.
Annualized from a 4-month hold — label as annualized, not a sustainable yearly rate.
BRRRR — STR basis
Strongest rental hold on this property. NOI $14,196/yr ($1183/mo) against a 75%-LTV refinance at the mid-case ARV leaves just $5,348 in the deal, with $4,443/yr ($370/mo) in cash flow — an 11.67% cap rate on the full all-in cost. Cash-on-cash comes out to 83.1%, but that's inflated by how little cash is left post-refinance — the cash flow and cap rate are the more meaningful numbers. The hard-money-then-refinance version works just as well operationally (same $370/mo cash flow) and needs only about $18,000 to get started instead of the full $121,598 cash purchase, leaving $12,156 in the deal at a 36.5% cash-on-cash.
MTR — furnished mid-term rental (whole-unit, unlevered)
Not ApplicableNot modeled as a standalone unlevered strategy — the MTR rental income is already captured in the BRRRR — MTR basis entry above (buy, repair, refinance, then operate as MTR), which is NOT VIABLE at current rent estimates.
STR — short-term rental (unlevered)
Not ApplicableNot modeled as a standalone unlevered strategy — the STR rental income is already captured in the BRRRR — STR basis entry above (buy, repair, refinance, then operate as STR), which is the strategy shown in the PDF.
Comps
Rent Comps
LTR revenue basis is $1,150/mo, between the size-matched comps above and the broader 47-comp Rentometer average of $1,213/median $1,175 for the 0.33-mile radius. MTR (furnished whole-unit) basis is a modeled $1,650/mo estimate — no directly-pulled comp set for this specific submarket, based on typical furnished-housing premiums in Indianapolis submarkets near downtown/hospital demand. STR basis is Indianapolis citywide $141/night average daily rate (trailing 12-month market data), modeled at the standing 60% occupancy assumption for Marion County STR underwriting.
The Numbers
Want to Talk Through This Deal?
Happy to walk through the numbers, the strategy, or anything else about this property.
This is an off-market deal — closes in 12 days (October 21, 2026). Reach out soon if you want in.
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.