932 - 934 N Leland Avenue N, Indianapolis, IN 46219

Property Description

Value-add duplex opportunity. One unit is vacant and ready for improvement, offering a clear path to adding value and increasing rents. The vacant unit will require updates and installation of finishes and fixtures to bring it to rent-ready condition, with a projected market rent of $775-$800/month once completed. The other unit is leased at $725/month through May 31, 2026, providing immediate income during the renovation phase. The occupied unit includes an electric range, refrigerator, gas furnace, electric water heater, and window units. The property is professionally managed. Tenants pay all utilities and handle yard maintenance, with mowing covered by management. The property is non-smoking, pet-free, and features an unfinished basement and street parking. This duplex may be purchased individually or together with the identical duplex next door. Combined, 3 of the 4 total units are currently leased, producing $2,090/month in current rents, with total portfolio rents projected at approximately $2,900/month once the vacant unit is completed and leased. Well-suited for an investor focused on forced appreciation through light renovation, or an owner-occupant looking to build equity while offsetting their mortgage.