832 E Beecher St, Indianapolis, IN, 46203
Condition Notes
This one's a construction-zone gut, not a light rehab — the seller has already stripped it to the studs, insulated, and reframed the first floor for an open layout. The heavy, unglamorous items are done: a new roof, new upsized water and sewer lines, and a furnace that's already functional. What's left is a genuine finish-out — electrical, plumbing, drywall, flooring, a kitchen, and two full bathrooms (one's already roughed in), plus adding central air, since there's none today. The detached garage and storage shed are both showing real wear in the photos, so I'm carrying a stabilize-or-remove line for those rather than assuming they're salvageable as-is. You'll need to sign a standard hazard waiver before touring in person — that's routine for any active construction site, not a flag on a specific environmental issue; the seller's disclosure comes back clean on lead paint, asbestos, and mold knowledge. I'm glad to go take a look in person or record a video walkthrough before you decide — just let me know.
Strategy Comparison
I'm leading with the flip here because that's genuinely where this property's numbers point — a leveraged rental hold doesn't clear its own fixed costs at this rent level once you refinance out, but the spread between all-in cost and resale value is real and the double lot gives you more room than a typical infill flip.
Flip — Cash Purchase
Buying with cash keeps this simple — no financing risk stacked on top of the renovation risk you're already taking. On an 8-month hold (finish-out plus marketing/close), I've got you netting $48,600 after every real cost, including an 8% selling-cost allowance — that's a 21.4% return on the cash you'd have in the deal, or north of 30% annualized. I'd treat that annualized figure as a useful comparison number, not a rate you could actually repeat four times a year.
Flip — Hard Money
If you'd rather keep most of your cash on the sideline, hard money covers the purchase and the full repair budget — you're only bringing about $18,350 to closing, plus carrying the interest during the build. Financing costs (points and interest) eat into the real dollar profit, down to $27,517, but on the much smaller cash base that's an 80.8% return — well over 100% annualized. Real dollars are lower than the cash version; capital efficiency is a lot higher.
LTR — All-Cash Hold
Buying and finishing this one in cash and just holding it as a rental works, but it's thin — $658 a month, a 3.5% cash-on-cash return, once I account for the non-homestead property tax bill this will actually carry. I wanted to show you the honest number here rather than skip it, but this property's real strength is the flip, not the long-term hold.
The Numbers
Want to Talk Through This Deal?
Happy to walk through the numbers, the strategy, or anything else about this property.
This analysis is based on publicly available data, listing materials, and independent market research. Figures are estimates only and should be independently verified, including with a licensed contractor and inspector, before making a purchase decision.