25 S Spencer Avenue, Indianapolis, IN 46219

Property Description

Welcome to 23-25 Spencer Ave, a classic side-by-side duplex in the heart of Historic Irvington, one of Indy's most treasured neighborhoods known for its tree-lined streets, unique shops, Ellenberger Park, Pleasant Run Golf Course, the Pennsy Trail, and quick 15-minute access to downtown. Each unit mirrors the other with 3 bedrooms, 1.5 baths, and 1,544 sq ft of living space plus a full unfinished basement with laundry hookups, as well as a covered front porch, original hardwood floors, arched doorway with built-ins, and a decorative fireplace that showcase timeless character. The kitchens feature stainless steel appliances and a convenient main-level half bath, while upstairs you'll find more original hardwood flooring and a full bath serving the bedrooms. Both units have their own bay of the detached two-car garage, and all utilities are separately metered and paid by the tenants-minimizing owner expenses. Recent updates include newer HVAC systems (2022 & 2025) and full electrical rewiring (2022). Unit 23 is vacant and ready to show. Unit 25 is leased for $1,200/mo through 2/28/26, providing immediate income with strong upside potential as 3-bedroom market rents in the area are projected around $1,500+. A spacious shared attic presents an additional opportunity for expansion. With one unit recently available, it's also ideal for an owner-occupant looking to house hack in a thriving community that blends historic charm with ongoing revitalization. Rarely does a property offer such a strong mix of stability, cash flow, and growth potential in such a sought-after neighborhood!