8827 Jackson St, Indianapolis, IN, 46231
Condition Notes
This one presents as a full cosmetic refresh rather than a structural project. The county's own condition grade reads "Average," and that tracks with what I see in the photos: solid brick exterior, a block foundation with no basement to worry about, and no signs of roof, framing, or major-systems trouble. What it needs is a top-to-bottom update of finishes that haven't been touched in decades — the kitchen cabinets, the wallpaper borders, the wood paneling in the family room, and the linoleum flooring are all original. The original hardwood under several main-level rooms is a real asset here; it's in good enough shape to refinish rather than replace. I'm budgeting a full paint, flooring, kitchen, and bath refresh, and I'd treat the roof and HVAC as inspection/reserve items rather than full replacements based on what's visible. I'm glad to go take a look in person or record a video walkthrough before you decide — just let me know.
Strategy Comparison
The short-term rental is the standout here — this property's 5-bed/3-bath layout gives it real group/extended-stay capacity that's uncommon in this price band, and it clears an 8.9% cash-on-cash return at asking price before the recommended offer even comes into play. The furnished mid-term and standard long-term lease versions are both genuine fallbacks if you'd rather not run nightly turnover — both are cash-flow positive today and move into the strong tier at the offer I'd recommend. The flip is real but thin at full asking price; it only opens up at a negotiated price. The BRRRR refinance doesn't pencil at any price on this one, since the refinance loan size is capped by the ARV rather than the purchase price — this is a straight-purchase opportunity, not a refinance play.
STR — furnished short-term rental
This is the strongest number I'm showing you on this property. The 5-bed/3-bath layout is real capacity that most of the inventory in this submarket doesn't have — that supports group and extended-stay bookings a typical 3-bed can't take. At your asking-price numbers this already clears an 8.9% cash-on-cash return; at the offer I'd recommend, it moves past 11%. I'd still get a license through Marion County before listing it and confirm there's nothing in the subdivision's covenants that would get in the way.
MTR — furnished mid-term rental
The furnished mid-term play is a genuine middle ground here — less operational load than nightly turnover, still a real premium over a standard 12-month lease. It's positive at asking price and crosses into the strong tier at the offer I'd recommend, but the furnished rate is a modeled estimate rather than a direct comp for this specific pocket, so I'd treat this as the second option rather than the lead.
LTR — market rent, conventional financing
This is the simplest, lowest-effort version of this deal — a standard 12-month lease at market rent, no furnishing, no turnover management. It's cash-flow positive at asking price, and moves into the strong tier at the offer I'd recommend to you. If you'd rather not deal with furnished-rental turnover at all, this is the one to run.
Comps
Sale Comps
Five sold comps in the same zip, all built 1958-1990, all within about a mile radius of the subject. The best size-matched pair (Stonewall Dr and Bakeway Dr) supports roughly $124-$134/sf, which applied to this property's 2,380 sf lands ARV in the high-$200Ks to low-$300Ks.
Rent Comps
Five active rental comps in the same submarket average about $2,261/mo across 3-5 bed configurations. This property's 5-bed/3-bath combination is a strength most of these comps don't match, supporting the $2,250/mo market-rent figure used above.
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.