2636 Ethel Ave - HUGE Duplex | Rent By Room | Airbnb | & More! 2 Unit Apartment Building Offered at $388,906 CAD at a 25% Cap Rate Indianapolis, IN 46208

?? 2636 Ethel Ave, Indianapolis, IN 46208
Duplex | 2 Units | 9 Bed / 4 Bath Total
?? Property Snapshot
Type: Duplex (2 units set up for rent-by-room with 9 BRs total; D5 zoning allows residential multi-bed/group use)
Sqft: 2,395 total (958 above-grade + basement)
Lot Size: 4,356 sqft
Year Built: 1957
Condition: Fully renovated – $0 rehab needed; clean, functional interiors with wood laminate floors, white kitchens, tiled baths, multiple bedrooms per unit, unfinished basement for storage/utilities per photos (brick exterior, small yards)
Occupancy: 100% occupied (rent-by-room)
Gross Rents: $5,850/month = $70,200/year (current RbR)
?? Valuation & ARV Range
ARV Estimate: $370K – $400K
Top 5 recent nearby multifamily sales (highest prices, duplex/multi in 46208 last 12 months): $311,500 (12/15/25, 3547 N Illinois St, duplex 4/2, 2,400 sqft, 0.8mi), $239,900 (11/20/25, 3942 Cornelius Ave, duplex 4/2, 2,200 sqft, 0.6mi), $225,000 (9/11/25, 3554 Graceland Ave, 3/1.5, 1,400 sqft, 0.5mi), $199,900 (10/5/25, 2853 E Riverside Dr, duplex 4/2, 1,800 sqft, 0.9mi), $195,000 (9/10/25, 505 W 40th St, multi 6/1, 2,500 sqft, 1.0mi)
Market pushing upward in Crown Hill/Near Northside with gentrification, strong RbR demand, and avg $167/sqft supporting premium ARV for turnkey duplexes; comp-based value $284,867 per PropWire
?? DSCR Loan Analysis (Estimate)
Gross Income: $5,850/mo (current RbR)
Annual Gross: $70,200
Estimated Expenses (30%): ~$21,060 (includes utilities if owner-paid; low taxes $451/yr)
NOI: ~$49,140/year
Estimated DSCR: 1.90 – 2.10 (depending on rate/terms)
Based on 20–25% down, 7.25–7.5% interest, 30-year amortization
? DSCR loan-qualified with excellent buffer above 1.2 minimum
Ideal for out-of-state or passive buy & hold investors; recession-proof with Section 8/VA/sober-living eligibility ensuring low vacancy
Alternative Rents DSCR Breakdown:
Standard Duplex (2x 4/2 at $1,500/unit): Gross $3,000/mo | NOI ~$25,200/yr | DSCR 0.98–1.07 (may need bridge for optimization)
Sober-Living (9 rooms at ~$650/room): Gross $5,850/mo | NOI ~$49,140/yr | DSCR 1.90–2.10
Airbnb (short-term, 70% occ at $120/night/unit x2): Gross $5,040/mo | NOI ~$42,336/yr | DSCR 1.65–1.80 (seasonal adj)
?? Investor Highlights
? Turnkey cash flow day 1 – fully occupied RbR for max income
?? $0 rehab – ready to go; add sub-meters (~$2K–$3K) to bill utilities, boosting NOI 10–15%
??? Flexible configs: RbR high-yield, standard duplex, sober-living, halfway house, or Airbnb
?? Prime Crown Hill location near IU Health, Butler University, parks, downtown – high demand for group/subsidy housing
?? Upside: Sober-living or subsidy programs push rents $6,000+/mo; bridge loan for quick value-adds/exits
?? Versatile asset — perfect for DSCR, bridge loans, 1031 exchanges, or scaling multifamily portfolios
RENTAL OPTIONS:
Est. Rent (Current RbR): $5,850/mo
Est. Rent (Standard Duplex): $3,000/mo ($1,500/unit)
Est. Rent (Sober-Living): $6,000+/mo | Est. Rent (Airbnb): $5,000+/mo
Price/Sqft (ARV): $167/sqft
Rehab Estimate: $0 (turnkey) | +$2,000–$3,000 (sub-meters/utility bill-backs)
?? Rehab Scope (Rental-Grade Finish)
No major rehab needed – turnkey with clean rooms, kitchens, baths (laminate floors, tile showers, functional appliances per photos)
Value-add: Install sub-meters (~$2K–$3K) for tenant-paid utilities
Optional: Add laundry hookups, storage lockers (~$5K) for RbR/sober appeal
For Airbnb: Furnishings/decor (~$10K) for short-term premium
Code/safety: Compliant (D5 zoning supports residential/group use; confirm for sober/halfway)
?? Why This Deal Works for Investors
?? Immediate high cash flow from RbR; flexible for duplex, sober-living, subsidy programs
?? Subsidy appeal (Section 8/VASH/rapid rehousing) = reliable tenants, low vacancy
?? $95K+ ARV spread; bridge loan for quick adds/exits to retail or investors
?? NOI boost via sub-meters/utility bill-backs, parking fees if added
?? Nearby drivers: IU Health (hospitals), Butler University (colleges), Crown Hill Cemetery (parks), downtown entertainment/transit = strong demand
?? Turnkey entry; DSCR 1.9+ base, higher optimized
?? Quick flip: Minor cosmetics, 60-day hold, $50K+ profit; bridge loan refi to DSCR
?? Quick Numbers Recap
Rehab: $0 | w/ Adds: $2–3K
ARV: $370–400K
Rent Potential: $5,850/mo ($70,200/yr) | $6,000+/mo sober
Cap Rate (Proforma): ~15% (current) | ~16%+ (optimized)
ROI Range: 25–35% cash-on-cash (20% down, DSCR) or $95K+ flip profit
*This is part of a 3 pack Portfolio- RENT BY ROOM (mo2mo optional to keep as-is or use a traditional rentals)
?? Looking for More Off-Market Inventory? We offer:
?? Single-Family Rentals
?? Duplexes, Triplexes, & Quads
?? Turnkey Cash Flow Properties
?? Light-to-Heavy Rehab Projects
?? Creative Financing & Seller Carry Deals
?? Browse full inventory at: www.reioffer.net
?? Contact Jamie Franklin | Acquire JDF Corp | 317-610-9834