DEAL SHEET · W44 · OCTOBER 30, 2026 |
Happy Friday Roots Fam,
Tyler and I made the Indianapolis Business Journal this week. Cameron Shaw wrote about Washington Manor, the nine-unit building in Meridian-Kessler we bought this summer with a couple of partners.
The story leads with the part I'm proudest of. Eight of the nine apartments have people living in them, so we're renovating one unit at a time, starting with the one that was empty. When a unit is finished, a resident can move into it while theirs gets worked on. Tyler compared it to a game of Tetris, and that's about right.
It's a long-term hold, not a flip. our partner put it well in the story: if you want in and out in a year, there are better buildings for that than this one.
We broke down the numbers of this building in the YouTube video below
Now into the deals:
Two east side duplex deals that pay you every month, one of them two buildings sold as a pair. Then a five-unit in the Old Northside that Tyler just listed, built for the long haul a lot like Washington Manor. And one I benched because the numbers looked too good.
Every card runs the same numbers: 25% down, a 30-year DSCR loan at 7.125%, 4% vacancy, 5% maintenance, 5% CapEx, 10% management, 0.6% insurance, and taxes at Indiana's 2% non-homestead rate.
Two brick duplexes, four 2 bed / 1 bath units · Built 1965 and 1966 · Indianapolis, IN 46226
ASKING $340,000 FOR BOTH · it pays you $779/mo
Two brick duplexes on the same street, sold together. All four units are two bedrooms and one bath, and all four are rented: $1,250 and $1,250 at 3909, $1,211 and $545 at 3812. That's $4,256 a month, or 1.25% of the price.
The seller updated three of the units. The fourth has a long-term tenant at $545, and that's what we modeled.
3812 also comes with an extra empty lot on the same parcel. It listed this week, and there are no showings until an offer is accepted.
Rents are owner-reported through the MLS. We have not read the leases. The sale covers both listings, MLS 22133814 and MLS 22133830. Tax is modeled at the 2 percent non-homestead rate. Cash needed: $90,000.
Duplex, two 2 bed / 1 bath units · Built 1920 · 0.11 acre · Indianapolis, IN 46201
ASKING $169,000 · it pays you $273/mo
Both sides are rented, at $975 and $990, so $1,965 a month. Tenants pay all their own utilities. That's 1.16% of the price.
The listing says the current property manager is willing to stay on, which matters if you don't want to be the one taking the calls. Recent work includes sump pumps, some newer mechanicals, several new windows and exterior repairs.
The listing also floats $2,400 a month as the rent potential. We ignored that and ran the numbers on what the tenants pay today.
Rents are owner-reported through the listing. We have not read the leases. The listing says its photos don't show all of the recent work. Tax is modeled at the 2 percent non-homestead rate. Cash needed: $47,250.
PARTNER · HAUS CONSTRUCTION Haus Construction handles everything from routine maintenance and inspection responses to general contracting, roofing, exterior work, and full renovations. Making it easy for homeowners, investors, and property managers to have one trusted team for the job.
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Five 2 bed / 2 bath units · Built 1890 · Old Northside · Indianapolis, IN 46202
ASKING $1,599,900 · costs you $1,594/mo on our numbers
Tyler just listed this one, and it's the opposite of everything else on the board. This property is in a gorgeous location in the Old Northside. Five two-bed, two-bath units, heavily updated, with off-street parking and a rooftop deck on the penthouse.
The listing puts income at $13,100 a month. On our standard numbers that's about $1,594 a month out of your pocket. The listing says it plainly too: this is a long-term appreciation play, not a cash-flow one.
Same idea as Washington Manor. You buy a building like this for the location and what it's worth in twenty years, and you go in knowing the monthly number.
$13,100 is the listing's stated monthly income. The listing also says the building is four-fifths occupied, so part of that figure may be projected. We have not seen a rent roll. Tax is modeled at the 2 percent non-homestead rate. Cash needed: $404,975.
PARTNER · CORE INSURANCE SOLUTIONS Jackson Blevins founded Core Insurance Solutions, an independent agency downtown. He's incredibly down to earth and great at what he does. Contact: Jackson · 317-358-6780 · jblevins@coreinsurancesolns.com · coreinsurancesolns.com
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On the Calendar
Coffee and Connect, Wednesday November 18. Featuring Courtney Miller, a previously high producing agent who is now our Head of Growth at @properties IND. Details here.
Real Estate Masterclass, December 3. Featuring the one and only: NATE SPANGLE. This one will be at a new venue: Polk Stables off of 16th St. Details here.
PARTNER · LONGHORN INVESTMENTS At Longhorn Investments, we provide financing for fix-and-flip, fix-and-rent, and new construction investment properties through a lending process that’s transparent, responsive, and built around real estate investors. Our 100% LTC financing provides qualified borrowers with access to up to 100% of their purchase and rehab costs, giving investors a powerful financing advantage while preserving more of their capital for future opportunities. Every borrower and every loan is treated like our first, and we work hard to earn your trust by delivering a reliable, professional lending experience from start to finish.
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That's the week. Grateful for you all.
If you want us to run the numbers on a property before you buy it, reply to this email!
Plant roots, build wealth.
Max
P.S. We’re looking for 2027 podcast guests. If you know someone or you’re interested, reply “POD”.
This model is a comparison tool, not a property budget. It excludes utilities, turnover, legal use, furnishing replacement, debt-service lender fees, and property-specific capital work. It also does not assume appreciation. Read the lease, verify the operating statements, inspect the property, and confirm financing before making a decision.
