421 Villa AvenueIndianapolis, IN 46201
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Investor and owner-occupant opportunity at 421-423 Villa Ave in Indianapolis! This side-by-side ranch duplex features two mirror-image units, each offering 1 bed, 1 bath, and approximately 593 sq ft. The 421 side is tenant-occupied at $789/month on a month-to-month lease (tenant pays gas/electric and handles lawn care; owner pays water/sewer), while the 423 side has just undergone turnover and is move-in or rent-ready. At full occupancy, the property is projected to exceed the coveted 1% rule, with market rents estimated at $800-$850 per side . Utilities are efficiently configured with separately metered gas and electric and a shared water/sewer meter. Strategically located on the southeast side of downtown in a pocket between Fountain Square and the Near Eastside, this C+ area is experiencing steady revitalization with new builds and renovations sprinkled throughout. Just minutes from downtown and the $600M Community Justice Campus, the location supports strong rental demand and appreciation potential. Ideal for house hackers looking to offset their mortgage or investors targeting long- or mid-term rentals, with potential for short-term use following light cosmetic improvements. No HOA. Professional management in place. Turnkey on one side with value-add upside on the other-schedule your showing today!
| a week ago | Status changed to Pending | |
| a week ago | Listing updated with changes from the MLS® | |
| 3 weeks ago | Listing first seen on site |
Listings courtesy of Metropolitan Indianapolis Board of REALTORS® as distributed by MLS GRID. All information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties that a consumer may be interested in purchasing. All information is believed to be reliable but is not guaranteed and should be independently verified.
Based on information submitted to the MLS GRID as of 2026-05-15 07:37 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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