901 N Parker Ave, Indianapolis, IN, 46201
Condition Notes
This one shows better than the price cut suggests. The kitchen has white shaker cabinets, butcherblock counters, and a gas range, and both bathrooms are updated — one with a freestanding tub and tile accent wall, the other with a tiled shower and built-in shelving. The main-level hardwood floors are refinished and the whole interior has fresh, neutral paint. None of that reads as original 1910 finish work, and I'm seeing it as a completed light renovation rather than a property that still needs one. The basement is unfinished but presents dry in photos, with a visible furnace, water heater, and standard wiring runs — nothing that points to an active leak or outdated wiring. Exterior is vinyl siding and an asphalt roof with no visible damage; the garage door shows some age. I'd still get a full inspection before closing, same as I'd recommend on any investment purchase, but there's nothing here that changes my read on this as a straightforward hold.
Strategy Comparison
This only really works at a negotiated price. At the $140,000 ask, every strategy is thin-to-negative except a leveraged LTR, and even that is barely positive. At my recommended $119,000 offer, LTR jumps to a healthy cash-on-cash return and Flip becomes a real (if aggressive, 4-month) profit play too. I'm leading with LTR at market rent as the hold play, with Flip as the secondary angle if a faster exit is preferred over a hold.
LTR — current rent (leveraged)
This is the as-is number — what you'd actually be underwriting on day one with the current tenant in place. Cash flow at the $140,000 ask is real but thin, just $33/mo. At the $119,000 offer I'm recommending, the same in-place rent pushes cash-on-cash to right around 5% and monthly cash flow to about $151 — a meaningfully better starting point without needing to touch the rent roll at all.
LTR — market rent (leveraged)
This is the play I'm leading with. At the $140,000 ask it already cash flows, just modestly — $108/mo, a 3.2% cash-on-cash return. Push the price down to my recommended $119,000 offer and the same rent produces about $226/mo and a 7.5% cash-on-cash return, which is a genuinely strong number for a turnkey single-family. I'd default to the leveraged purchase here over paying cash — you get meaningfully more return on the capital you actually put in.
Comps
Sale Comps
Sold comps in this submarket span a wide $70-$215/sqft range depending on how updated each home is block to block. I'm weighting toward the two comps closest in size and finish level to this property.
Rent Comps
The current $1,600/mo in-place rent is already close to what comparably-sized 3bd/2ba near-eastside homes are renting for. I'm using $1,700/mo as a modest, achievable market-rent target on the next turnover.
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.