2229 Churchman Ave, Indianapolis, IN, 46203
Condition Notes
This is a legal duplex, currently split into an occupied front unit and a vacant rear unit. Unit A (occupied) has been heavily personalized -- updated LVP flooring, black-painted kitchen cabinets, modern furniture, LED accent lighting, and finished basement rec space -- with no deferred-maintenance issues visible, just cosmetic de-personalization to do before it reads as a market-rate rental. Unit B (vacant) retains its original 1953 kitchen (dated but intact), damaged flooring, water-staining at wall bases, and at least one cracked window -- straightforward cosmetic rehab, not structural. Exterior soffit/fascia rot is visible where the electrical service mast penetrates the roofline on Unit B's side, worth a closer look to confirm it hasn't spread into the roof deck. A concrete porch step has a minor settling crack. Two separate outdoor HVAC condensers are visible, but only one furnace was visible in the basement -- worth confirming at inspection whether HVAC is genuinely split per unit.
Strategy Comparison
Proceed -- LTR (cash) is the strongest result on this property: +$1,054/mo cash flow, 9.0% cap rate, 6.7% cash-on-cash, held unleveraged. Flip and BRRRR are both real at the researched $215,000 ARV but thin -- worth doing only if the capital-recycling or quick-turn angle matters more to you than the LTR's steadier return. MTR and STR were evaluated in the underlying analysis but aren't curated onto this page yet.
Flip (cash)
Buy cash, complete the repair scope, sell at $215,000 ARV -- $12,968 profit, 6.9% ROI over 4 months. Thin margin at this ARV -- a tighter appraisal-grade comp before offering would sharpen this.
Flip (hard money)
Only $29,146 of your own cash required (a 90% loan-to-cost hard money loan funds the purchase and the full rehab) -- but $10,514 in points and interest comes straight out of the profit, leaving $2,454 (8.4% ROI on the cash actually invested). Capital-efficiency trade, not a bigger payday -- the all-cash path nets $10,514 more in real dollars, though both are thin at this ARV.
BRRRR (cash acquisition)
All-in cash $189,132, refi loan $161,250 at 75% of the $215,000 ARV -- $31,107 left in the deal, -$46/mo cash flow. Essentially breakeven -- viable but not a compelling capital-recycling play at this ARV.
BRRRR (hard money acquisition)
Hard money down to $29,146 needed at close -- $41,621 left in the deal after refi, -$46/mo cash flow, same shortfall as the cash-acquisition variant.
LTR (cash)
All-cash acquisition -- this seller requires cash or hard money at close, no direct conventional purchase available. Held unleveraged, no mortgage. +$1,054/mo cash flow, 9.0% cap rate, 6.7% cash-on-cash.
LTR (hard money -> refinance)
Acquisition and rehab bridged with hard money, then refinanced into permanent 75%-ARV financing once stabilized -- the same mechanic BRRRR uses, but the property is held rather than the capital recycled out. -$46/mo cash flow, 9.0% cap rate, -1.3% cash-on-cash.
Comps
Sale Comps
No closed sale of an individually size-matched (~700-900 sf, 2bd/1ba, pre-1960) duplex unit in this submarket in the last 12 months. Best reference points: an active-asking similar-size/age duplex at $108/sf, a larger nicer duplex on the subject's own street supporting ~$160/sf (not size-matched), and a 2017 closed comp that's 9 years stale. Used $215,000 ARV -- the mid-low end of a $200,000-$260,000 directional range given comp scarcity. Get a hyper-local BPO or full appraisal before finalizing, especially for the Flip scenario.
Rent Comps
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 13 days (September 8, 2026). Reach out soon if you want in.
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.