DEAL SHEET · W35 · AUGUST 26, 2026 |
If you own real estate in Indianapolis, or you are seriously thinking about it, tomorrow night is for you.
Roots Fam,
Tomorrow night, we are turning this email into a room.
The Roots Summer Real Estate Masterclass is TOMORROW: August 27, from 6:00 to 8:00 PM at Guggman Haus Brewing Co., 1701 Gent Ave. It is completely free!
Featuring:
Brandon Taylor, Executive Director of LISC Indianapolis, will bring the capital and community-development view. LISC Indianapolis has driven $344 million into neighborhoods and is now working a four-year plan to deploy $100 million, create 1,000 homes, and preserve 600 more.
Fred Yeakey, founder of 2 Thirty-Eight Properties, will bring the developer’s view. His work centers on high-quality affordable housing built with nonprofits, municipalities, and investors.
INDY MARKET INSIGHTS
July’s MIBOR market report put the median sale price at $325,000, inventory at 2.7 months, and days on market at 22.
That means buyers have more choice and a little more time, but the financing still decides whether an investment works. We underwrote every deal below at a 7.25% DSCR rate and 1.5% property tax so the same real-world model carries through the whole board.
THE DEALS
Four on the board this week. Two are ours.
Every one is run on the same model: 25% down, 7.25% on a 30-year DSCR loan, $2,000 closing, property tax at 1.5% of purchase price, and real reserves at 5% repairs, 5% capex, 4% vacancy, 10% management.
We switched to DSCR because that is the rental loan an investor actually uses. It qualifies on the building’s income instead of your personal income. The source grid was updated August 18 and reviewed August 23, 2026; we pulled it August 26 and used one conservative 7.25% rate across all four properties, including the small multifamily buildings.
DEAL #1 · ON THE MARKET · FIVE-UNIT 3178 N Capitol AvenueFive 1-bed / 1-bath units · ~500 sq ft each · Built 1925 · $470,000 |
$470,000 · five MLS-stated rents at $1,207 · 15.01% cash on cash · $1,494/mo
This renovated five-unit was built in 1925 and is listed as 100% occupied. The listing labels it a quadruplex, but the same rendered page displays five 1-bed, 1-bath, roughly 500-square-foot units and five rents.
We stopped on the five-unit count. The Marion County card says 4-to-6-family occupancy with four extra living units, and MapIndy returned D8 zoning, which permits multifamily with 5 or more units. That supports the five-unit analysis, but the buyer still has to confirm legal use and read every lease.
The play: Hold all five units as long-term rentals, keep the occupied units producing, and verify legal use plus every lease before closing. At the $470,000 asking price, the model produces $1,494 per month and 15.01% cash on cash on $119,500 of calculator cash.
Rent is as stated on the MLS. We have not read the lease.
DEAL #2 · ROOTS LISTING · SHORT SALE 2442 Guilford Ave4 bed / 2.5 bath · 2,779 sq ft · Built 1920 · $265,000 |
$265,000 · $2,576 rent target · CoC withheld because rent is projected · $170/mo at target This renovated 1920 single family has 4 bedrooms, 2.5 baths, and 2,779 square feet. It is vacant, its four listing photos are exterior and yard only, and the sale is contingent on short-sale approval. The play: Complete the short-sale approval, inspect the interior, then lease the vacant house as a long-term rental. At the $265,000 asking price, the model produces $170 per month and 3.00% cash on cash on $68,250 of calculator cash, but only if the house leases at the $2,576 target. |
The unit is vacant. That number is a target, not a lease.
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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DEAL #3 · ROOTS LISTING · DUPLEX 202-204 N Hamilton Ave3 bed / 3 bath per side · ~1,900 sq ft per side · Built 1900 · $469,900 |
$469,900 · $2,035 in place plus $2,035 target · CoC withheld because one rent is projected · $1/mo at target
This renovated 1900 Arsenal Heights duplex has 3 bedrooms, 3 baths, and roughly 1,900 square feet per side. Unit 202 is MLS-stated at $2,035 on a fresh one-year lease; unit 204 is vacant.
It has sat 81 days by Max’s explicit waiver. It started at $489,900, and only half the building currently produces rent.
The play: Honor the occupied side’s lease, then lease the vacant side at the modeled $2,035 rent and hold the duplex. At the $469,900 asking price, the model produces $1 per month and 0.02% cash on cash on $119,475 of calculator cash, still conditional on leasing the vacant side at $2,035.
The unit is vacant. That number is a target, not a lease.
DEAL #4 · ON THE MARKET · DUPLEX 1144-1146 Churchman AveTwo 3-bed / 1.5-bath sides · ~1,300 sq ft each · Built 1920 · Fountain Square · $420,000 |
$420,000 · $1,550 per side scenario · CoC withheld because the second occupancy is unconfirmed · -$417/mo
Built in 1920 in Fountain Square, this duplex has two 3-bedroom sides with 1.5 baths and roughly 1,300 square feet each. Private remarks confirm 1146 is occupied through April; the unit table groups both sides at $1,550, but the second side’s occupancy is not confirmed.
The play: To me, the asking price seems a bit steep. First, I’d verify the second unit’s occupancy and lease, then operate both sides as long-term rentals. At the $420,000 asking price, the model loses $417 per month and returns -4.69% cash on cash on $107,000 of calculator cash, still conditional on proving the second unit’s rent and occupancy.
Rent is as stated on the MLS. We have not read the lease.
PARTNER · RUOFF MORTGAGE Zach Weddle is a loan officer at Ruoff’s Carmel branch. We love sending clients to Zach, he takes great care of them, and he will get you the financing answer before the offer goes in.
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READER WINS
A reader sold a turnkey rental this month. Our agents use this newsletter to share deals with clients all the time!
Another reader bought a home in Avon for $295,000.
Your turn. If something in this email put you in a deal, or kept you out of a bad one, reply WIN and tell us. We will run it here.
FROM THE ROOTS CHANNEL
Homeownership does not mean that you’re trapped.
This quick Roots clip tackles a fear we hear all the time: that buying a home means losing flexibility.
Four deals, every one run at the same DSCR rate and the same 1.5% tax. Two are ours, and we told you the truth about the other two exactly the same way.
Want us to help you run the next property before you buy it?
Plant roots, build wealth.
Max
P.S. The listing says fourplex. We counted five. Somebody in 1925 was an optimist.
