OfferMarket

1062 W 31st St, Indianapolis, IN 46208, USA

$150,000

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📌 Property Overview
Type: Single Family Residence

Beds/Baths: 5 Bed / 3 Bath (layout in place)

Sqft: ~3,200 livable + basement

Lot: 5,706 sqft

Year Built: 1901

Current Status: Partially rehabbed shell

Ownership: Corporate (absentee)

Zoning: Residential (Keystone Park Addition)

Permits: Still needed to complete final phases

💰 Investment Snapshot
Metric    Value
ARV (Based on Comps)    $320,000–$350,000
Current Est. Value    ~$60,000 (last sale)
Estimated Rehab Budget    $55,000 (remaining)
Market Rent (5 Bed / 3 Bath)    $2,300–$2,500/month
Target Strategy    Flip to FHA buyer / Short-term rental / High-capacity Section 8
Cap Rate (Rental, if held)    ~11.5–12.5% @ $2,400/mo with taxes + mgmt included

🏗️ Remaining Rehab Needs
This property is roughly 60–70% complete. Framing and structural appear sound. You're stepping into a value-add situation with most heavy lifting complete.

🧱 Value-Add Options
✅ Bonus Room in Basement – ideal rec space, office, gym, or potential 6th bedroom

✅ Open Concept Kitchen with island + butcher block (planned)

✅ Multiple Exits: high ARV flip, multi-tenant rental, or live-in/fix strategy

✅ Convert to Duplex (if code allows) with basement or attic unit

🔧 Rehab Scope of Work (Remaining)
Category    Estimated Cost
Permitting (open/final)    $2,000
Drywall Finishing (mud/tape/texture)    $4,000
Interior Paint (full)    $3,000
Trim, Baseboards, Doors    $4,500
Flooring (LVP/Carpet ~3,200 sqft)    $10,000
Kitchen (cabinets, butcher block island)    $8,000
Bathroom Fixtures (3 total)    $6,500
Lighting + Electrical Finishes    $4,000
Plumbing Fixtures + Hookups    $3,500
Final Walkthrough + Punchlist + Cleanup    $3,500
HVAC test/tune or small updates (TBD)    $3,000

🔢 Total: ~$52,000–$55,000 (Under Budget ✅)
🔚 Summary
Rare nearly-complete 5-bed flip with major structural work done. Just needs finishes and permits to close it out. High ARV, massive square footage, and room to boost value further with basement or layout tweaks.

📲 For more deals: www.REIOFFER.NET

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