3701 N Capitol Ave, Indianapolis, IN, 46208
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
This is the best-condition property in the group I'm sending you. The exterior was freshly painted in June 2026, the roof and full perimeter fence date to 2018, and the back unit's bathroom was remodeled in 2024 with a newer water heater. Photos show refinished hardwood floors, freshly painted shaker cabinets in the kitchen, and a clean, updated bathroom — nothing here points to deferred maintenance.
Strategy Comparison
The one thing to solve here is getting the back unit leased — once it is (I'm using $875/mo as a conservative market estimate for the smaller 632 sqft footprint), the economics improve meaningfully. What really sets this one apart: the tenant pays ALL utilities — electric, gas, water/sewer, insurance, even lawncare — you only carry property taxes. That's a genuinely strong expense structure for a small multifamily.
LTR — front leased, back vacant
Conventional 20% down / 7.5% / 30-yr — this reflects the current as-is condition with only the front unit leased.
Cash flow and/or cash-on-cash return here are estimated from standard assumptions, not yet underwritten to a hard number for this strategy.
LTR — both units leased
Conventional 20% down / 7.5% / 30-yr — this is the stabilized picture once the back unit is leased.
Cash flow and/or cash-on-cash return here are estimated from standard assumptions, not yet underwritten to a hard number for this strategy.
Comps
Sale Comps
Both support the $185,000 estimate, adjusted down given the subject's smaller unit footprint.
Rent Comps
I'm using $875/mo for the vacant back unit — the middle of this range, adjusted for the smaller 632 sqft size.
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.