Description

Located on the near eastside just one block from the highly sought-after Irvington neighborhood, 261 S Sheridan Ave offers a solid value-add investment opportunity only 15 minutes from downtown Indianapolis. This all-brick ranch-style single-family home features 2 bedrooms, 1.5 baths, and 850 sq ft on the main level, plus a finished 850 sq ft basement with daylight windows providing valuable additional living space. The property also includes a small carport, detached one-car garage, and an attached screened porch for added function and appeal. The home is tenant occupied and will be sold with the tenant in place, making this a true income-producing property from day one. Professionally managed, the current tenant pays $1,125 per month, covers all utilities and lawn care, and is leased through 4/30/27. Market rents in the area suggest strong upside, with potential closer to $1,400 per month. Major mechanicals are in solid shape, including an estimated 9-year-old roof and an 8-year-old HVAC system. Original hardwood floors run through much of the main level, while the kitchen and baths feature vinyl flooring. Although it’s currently rented, the property could benefit from repairs and cosmetic updates. The home is priced accordingly and will be sold as-is. With a reasonable offer, the seller is willing to provide a $5,000 credit toward repairs or updates. With an estimated ARV around $200K, this is a compelling value-add opportunity in a growing and popular location just steps from Irvington.