DEAL SHEET · W22 · MAY 28, 2026 |
Roots Fam 🌱
Yesterday we hosted Ethan Fernhaber at our Coffee & Connect, and the morning took me by complete surprise. Here’s Why:
Ethan’s story is incredibly unique: he went from a $20K double-wide in his twenties to 5,400+ units across 33 communities. Wild on paper. But the part that I heard everyone talking about afterwards wasn't the units, it was his pivot. At 30, he surrendered his life to the Lord, and from that moment the buildings stopped being his. They became God's. So did the people living in them. Everything he built after came out of that reframe, and you could feel it in the way he talked about every deal.
A few lines I keep replaying in my head:
"Capital follows trust." His second investor was his attorney’s dad, then a neighbor. He just treats people right, word gets around, the checks show up.
He's deliberately capped his own ambition. Not chasing billionaire status because he still wants to text every employee on their birthday.
He closed with a real ask we're running with: a Roots + Volumod partnership, a certificate program for small developers to build on Indy's vacant lots at $15K to $30K per lot. More on that soon, but mark it.
On the same note, if you need a podcast for the week, I just wrapped Modern Wisdom #1100, "19 Lessons From 1,100 Episodes." Pairs really well with everything Ethan was preaching. Obsession, self-awareness, monk-mode pitfalls, choosing your direction. Worth your time.
Alright, that's the lead-in. Here's what's on the board this week.
DEAL #1 · ACTIVE 405 N Keystone AveDuplex · two 3bd/2.5ba units · fully leased · Near Eastside |
A Duplex That’s Already Paying You $4,320 a Month Both sides renovated, both sides leased — that’s real rent today, not a pro-forma. Mirror-image 3/2.5 units, and the seller already cut $10K after 75 days on market. Asking $489,000 · $4,320/mo in place · +$449/mo, 4.3% CoC • Fully leased, zero lease-up • Best absolute cash flow on the board — ~$131K projected 5-year profit • $10K price cut already after 75 days on market |
DEAL #2 · ACTIVE 41-43 N Catherwood AveDuplex · 1bd/1ba per side · East side · 46219 |
The $150K East-Side Duplex Max Keeps Coming Back To Lowest basis on the board at $150K. Two 1-bed units on the east side, and the return gets loud when the entry price is this small. Asking $150,000 · est. $1,500/mo · +$193/mo, 5.9% CoC • $150K all-in — strongest return per dollar this week • 5.9% cash-on-cash on estimated $1,500/mo rent • A listing Max has watched long enough to vouch for |
PARTNER · BEST FLOORING Phil Nelson owns Best Flooring on Lake Plaza Drive — the BEST place to go in Indy for all your construction, reno, and flooring. Fantastic selection of everything, and great people behind the business.
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DEAL #3 · ACTIVE 3829 E 31st StSingle-family · 2 bed / 1 bath · Brightwood · 46218 |
$99K to Get In, 6% Cash-on-Cash to Stay Cheapest door on the board with the best cash-on-cash to match. Renovated 2-bed in Brightwood — LVP, updated kitchen — and the seller’s already cut nearly $15K in 36 days. Asking $99,000 · $1,037/mo Rent Zest · +$132/mo, 6.0% CoC • Lowest entry price this week at $99K • Best cash-on-cash on the slate — 6.0% • $14.9K in price cuts already, 36 days on market |
PARTNER · RESOLUTE LENDING Seth Wilcock founded Resolute Lending under Independent Mortgage Brokers (IMB) and holds multiple mortgage certifications. We absolutely love sending clients his way — Seth takes care of every one of them.
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DEAL #4 · ACTIVE 933 E Raymond StDuplex · both units occupied · Garfield Park · 46203 |
Fresh Garfield Park Duplex, Both Sides Already Paying Five days on market, both units occupied, and a tax bill that’s easy to live with for the price. $3,600 a month in place from day one. Asking $440,000 · $3,600/mo in place · +$213/mo, 2.3% CoC • Both units tenant-occupied — income from closing day • Low $4,473/yr tax burden for a property at this price • ~$105K projected 5-year profit, only 5 days on market |
DEAL #5 · ACTIVE 2413-2415 N Bolton AveDuplex · 2bd/1ba per side · both leased · 46218 |
Leased on Both Sides Before You Even Close Just hit the market and both units are already rented at $850 each. No turn, no lease-up, no vacancy gap — $1,700 a month from the first day you own it. Asking $199,900 · $1,700/mo in place · +$63/mo, 1.5% CoC • Both sides leased — zero downtime risk • $1,700/mo in place day one • 4 beds / 2 baths total across two units |
DEAL #6 · ACTIVE 1701 Fletcher AveTriplex · 3 units · Fountain Square · 46203 |
Three Doors in Fountain Square for Under $310K Triplexes in Fountain Square at this price don’t come around often. Fully renovated in 2018-2019, it came back from pending in May with a $25K cut. Asking $309,900 · est. $2,800/mo · +$77/mo, 1.2% CoC • Three income units in one of Indy’s most-wanted neighborhoods • Renovated 2018-2019, back on after a pending fell through • $25K price cut, seller ready to deal |
DEAL #7 · ACTIVE 3502-3504 N Kenwood AveDuplex · 6bd/3ba total · Crown Hill area · 46208 |
A Crown Hill Duplex With Room to Push the Rent One side’s leased at $1,170, the other is vacant and ready to lease at market. It pencils thin today, but a real rent push on both sides is what turns this into a $200+/mo cash-flow play. Asking $215,000 · $2,070/mo combined · +$16/mo today, upside to +$200+ • 6 beds / 3 baths total near Crown Hill for $215K • Vacant side ready for immediate lease-up at market • Real upside — a market rent push moves this to +$200+/mo |
This Week on the Roots Podcast
Scott Lingle came on to break down High School Hustle — the Indiana nonprofit that's helped 2,500+ high schoolers launch real businesses generating over $1M in revenue. Actual ventures, actual money on the line. Give it a listen.
More on the program at highschoolhustle.org |
Seven on the board this week: a fully-leased Keystone duplex pulling $4,320/mo, the $150K east-side Catherwood resurface, a $99K Brightwood SFR with the best cash-on-cash of the bunch, a fresh Garfield Park duplex already tenant-occupied, a zero-downtime Bolton duplex leased on both sides, a rare Fountain Square triplex under $310K, and a Crown Hill value-add with real rent upside. Reply if any are a fit — we move fast. Keep building, Max Moore Roots Realty, Indianapolis P.S. If you just read this newsletter every week and don't take action... I'm not judging you (I'm totally judging you...) |
