946 W 26th St, Indianapolis, IN, 46208
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
The seller is crediting $10,000 at closing toward a roof replacement and other minor repairs, which tells you where the real deferred maintenance is. From the photos, the roofline looks serviceable at a distance, but I'd get a roofer's eyes on it before closing rather than assuming the credit fully covers the job. Several rooms show a recent partial refresh — new paint and flooring — though it isn't complete throughout, and the water heaters looked like near-term replacement items.
Strategy Comparison
This already cash-flows as-is, which is the main thing — the roof is a real item but it's a known, creditable cost rather than an open-ended one. Comparable 2BR units in the immediate area are renting $850–$995, well above the documented $750, so there's real room to grow rents as leases turn.
LTR — current rents
Conventional 20% down / 7.5% / 30-yr — this already cash-flows from day one at the current documented rent, before any turnover or rent growth.
LTR — at market rent
Conventional 20% down / 7.5% / 30-yr — same financing, modeled at market rent once units turn over to reflect the upside I'm seeing in the immediate rent comps.
Comps
Sale Comps
Both comps support $155,000 as a fair value once the roof and minor items are addressed.
Rent Comps
Both comps sit well above the current $750 documented rent — real upside on 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.