Deal Sheet — Historic Rehab in Fountain Square

☑️ Clean Deal Sheet — Historic Rehab in Fountain Square

1226 English Avenue • Indianapolis, IN 46203

• Built: c. 1890 — just 2,192 ft² historic frame, 4 beds / 2 baths, detached garage, corner lot

• Last Sold: $150,750 on Dec 20, 2024 (MIBOR MLS) — unrenovated sale price; clear title

📍 Sales Comps & ARV Rationale (No New Builds)

✓ Fountain Square median sale (June 2025): $345,000, up +8.7% YoY (Redfin)

✓ Strong performance for historic rehabs in the $170–205/ft² range once fully finished.

🔶 Target ARV = $450,000 (~$205/ft² for 2,192 ft²) — achievable with high-quality finishes, updated systems, proper staging, and minor landscaping.

💰 Financial Model (Based on $450K ARV)

Assumes clean, cash or rehab-line funding; no lender points or interest assumed.

🛠 Rehab Scope — Upgrade to Modern Historic (~$30K Cap)

Kitchen & Baths

• Quartz countertops, waterfall island, stainless kitchen appliance package
• Frameless tile shower enclosure, solid-surface guest tub surround, premium plumbing fixtures

Interior Finishes

• Sand and refinish existing hardwood floors
• New lighting, hardware, and trim details
• Upgraded master bath tile flooring; smart thermostat and fixtures

Systems & Utilities

• Mechanical service / HVAC rebalance; minor electrical panel upgrade
• Plumbing overhaul; building permit if required (cosmetic scope only)

Curb Appeal

• Exterior paint touch-ups, porch and fence repair, driveway/staging-ready landscaping

No structural additions, no major easing or gut theater. This is a high-end cosmetic refresh.

⚠️ Risks & Mitigation Strategy

• ARV Downside Risk: If comps decline to ~$400K, net profit drops to ~$25K (~6%).
• Mitigation: Keep renovation budget tight, and reprice at $430K if market slows.
• Subsurface Issues: Historic homes may reveal mold, foundation, wiring.
• Mitigation: Include a 5-business-day inspection window and maintain a $5K rehab contingency.
• Holding Time: Every extra week adds utility, tax, and insurance costs.
• Mitigation: Contractor lined up pre-close; list within 30 days of rehab completion; coordinate staging ahead of finish.

🧠 Strategic Advantages

• Strong market positioning: Entry at ~$137/ft² with upside to $205/ft².
• Contract clarity: Purchaser closes outright—no layered sale terms or confusing fee structures.
• Profit margin: With controlled expense, potential ~35% cash-on-cash returns within 60 days.
• Buyer Appeal: Historic footprint with modern finishes. Ideal for move-in-ready buyers seeking character and efficiency.

✅ Pro Tip Timeline

1. Inspect within 3 business days using provided contractor pre-quote.
2. Submit purchase offer with a clear scope and soft contingency.
3. Close within 7 calendar days after inspection approval—fund rehab within 2 days.
4. Rehabilitation window: maximum 30 calendar days from contract close to listing date.

📌 Bottom Line

You step in at $300,000, invest $30K in high-end cosmetic upgrades, and deliver a fully finished product marketed at $450K — resulting in potential proceeds of ~$418K, giving you net profit of ~$118K (~26% gross margin). With swift execution and tight scopes, the opportunity delivers compelling returns—clean, transparent, and built to scale.

Let me know when you're ready to bring in your contractor or lock in the deal package.