421 Villa Avenue, Indianapolis, IN 46201

Property Description

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!

Listing Status:

Active

Data Last Updated:

April 30, 2026 at 2:17AM

Listing Office:

Keller Williams Indpls Metro N : 317-450-9202

Listing Agent:

Peter Stewart : 317-450-9202

MLS ID:

22088932

Interior

• Heating: Forced AirNatural Gas

Exterior

• Style: Ranch

Construction

• Roofing: Asphalt
• General: OneCrawl Space

Location

• Road/Access: City Street
• Originating MLS: mibor
• School District: Indianapolis Public Schools
• County: Marion

Lot

• Zoning: State Square Add L197491007205168000101
• Current Use: Apt<20

Financial

• Source: mibor