Indiana DSCR hub: Statewide programs at DSCR loans Indiana · Near Eastside corridor at hard money lenders Indianapolis · Fountain Square neighborhood.
This funded Marion County BRRRR documents a side-by-side duplex in Fountain Square — distressed acquisition, $48,000 rehab on milestone draws, stabilization at $2,750/mo gross, and Indiana DSCR refi that returned ~$32,000 for the next door.
Acquisition
Property: Duplex — one side vacant, dated mechanicals, active tenant other side at below-market rent
Purchase: $118,000 · LLC vesting
Close: Day 10 · 85% LTC hard money at 10.5% IO
Seller situation: Estate — four offers, two conventional (30+ day), one cash lowball. Proof of funds Day 2 won.
Hard money and rehab
| Draw | Scope | Release |
|---|---|---|
| 1 | Panel, rough electrical, demo vacant side | 25% |
| 2 | HVAC both units, plumbing passed | 30% |
| 3 | Kitchens/baths, flooring | 25% |
| 4 | Finish + punch | 20% |
Total rehab: $48,000 · 11 months calendar (tenant coordination on occupied side)
Neighborhood: Bates-Hendricks and Near Eastside share similar duplex economics.
Lease-up
- Vacant side: $1,375/mo · 12-month lease · employed tenant
- Renewed occupied side: $1,375/mo (was $1,150) — new lease at market
- Gross: $2,750/mo
DSCR refi math
| Item | Amount |
|---|---|
| Appraisal (stabilized) | $215,000 |
| DSCR loan (70% LTV) | $150,500 |
| Rate | 8.1% · 30-year |
| Monthly P&I | ~$1,108 |
NOI:
- Effective gross after 6% vacancy: $2,585
- Taxes $285 · insurance $110 · maintenance $200 · PM 8% $220
- NOI ~$1,770/mo → DSCR ~1.60 at 70% LTV (file rounded expenses up → ~1.22 lender ratio)
Cash out: Bridge payoff + fees → ~$32,000 extracted toward Irvington acquisition.
Indiana-specific notes
- No statewide rent control — renewal terms follow lease
- Marion County taxes — reassessment after rehab added $38/mo vs pro forma
- Winter carry — model furnace-first sequencing on vacant duplex sides
Guide: Indianapolis BRRRR cash-flow guide · Calculator: DSCR calculator.
Why this file worked
- Duplex rent roll — two units de-risk vacancy vs SFR
- Conservative ARV — did not comp Carmel suburban sales
- Documented draws — limited-seasoning DSCR required clean bridge history
- Exit modeled pre-acquisition — sponsor ran amortizing payment in DSCR calculator before LOI
Related programs
- Fix and flip Indiana
- Hard money Fort Wayne — secondary market cash-flow
- BRRRR statistics 2026
Pre-Qualify for Indianapolis Hard Money · (833) 264-7776
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