43-45 S Chester Ave, Indianapolis, IN, 46201
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
The vacant side has already had a light refresh — fresh paint and new gray LVP flooring throughout — so it's close to rent-ready as is. The kitchen appliances are older and basic and weren't part of that refresh, so I'd budget to swap those. The basement is unfinished but shows updated PEX plumbing lines, which is a good sign on the systems side.
Strategy Comparison
The only real task here is getting the vacant side leased — once both units are occupied at a market rent in the $750–$800 range, this becomes a modest but genuine cash-flow hold. It's a cheap entry point at $67,450 a door either way.
LTR — as-is (1 unit paying)
Conventional 20% down / 7.5% / 30-yr — this reflects the property as it sits today, with one side vacant and only one rent check coming in.
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 target run-rate once the vacant side is leased up and both units are paying market rent.
Comps
Sale Comps
Duplex-specific sold data in this pocket is limited — this is the strongest match I found.
Rent Comps
These are smaller than the subject's ~595 sqft units, so I'd treat $800–$900 as achievable once the vacant side is leased — the current $750 rent isn't obviously under market.
The Numbers
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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.