422 Orange Street, Indianapolis, IN, 46225
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Two units, freshly updated, in near-southside Indianapolis: 422 Orange Street is offered at $320,000. This home in the heart of Bates-Hendricks gives you two income streams, or the option to live in one unit and let the other help pay the mortgage. Together, the projected rents total $3,200/month ($38,400/year), which meets the 1% rule investors use for screening. The downstairs unit (est. $2,200/month) has three bedrooms, 1.5 baths and a full kitchen. It also has features most rentals can't offer: a fully fenced backyard for dogs, kids or gardening, and a detached garage with off-street parking and storage, which is especially valuable in an urban neighborhood. The upstairs unit (est. $1,000/month) has its own exterior entrance, a full bath, a bedroom with a generous closet, and an open-concept kitchen and living area. The current owner lived on the main level and rented the upstairs, so this setup has already been proven. The bathrooms were redone this year, and the home also has fresh paint, new carpet and updated flooring throughout. Both kitchens are functional and leave room for a future owner to add value on their own terms. An interior staircase connects the two floors: lock the staircase door for two private units, or open it to use the home as one spacious residence. That flexibility also opens the door to furnished or short-term rental strategies as demand changes. The home is close to Fountain Square, Fletcher Place, Garfield Park and downtown. Rental figures are estimates and not guaranteed; buyer to verify all information.