Garfield Park wraps the conservatory, Southern Avenue commercial strip, and residential blocks where 1920s duplexes still trade with one vacant side and a seller who will not wait for conventional underwriting.
Hard money loans in Garfield Park are the Near Eastside BRRRR lane. Jaken Finance Group underwrites the property and the exit, not W-2 income. Qualified files can reach 100% of cost and are capped at 75% of after-repair value. The permanent loan is Indiana DSCR when a 7%–10% gross cap still works on the rents you can sign.
The conservatory anchor and what it means for basis
The Garfield Park Conservatory — one of the nation’s largest — sits at 2450 Shelby Street, anchoring 130 acres of parkland that Indianapolis has invested in steadily since the 2008 master plan refresh. That public investment does not instantly lift ARV on $112K duplexes, but it supports gradual lease-up and reduces long-term vacancy risk on blocks within 3–4 walks of the conservatory entrance.
Southern Avenue commercial — Duos Kitchen, neighborhood retail, and the Shelby Street bus corridor — gives Garfield Park a different character than Fountain Square’s Virginia Ave bar scene. Renters here skew slightly more family-oriented: service workers, IU Health support staff, and Near Eastside lifers upgrading from rental to… still rental, but nicer.
West of Fountain Square, Garfield Park offers lower basis — typically $5K–$12K less per duplex — with similar rehab scopes. Investors accept slightly longer lease-up ( 30–45 days vs. 14–21 on Virginia Ave) for higher yield-on-cost.
Property table (2026)
| Type | Buy | Rehab | Rent (gross) | ARV |
|---|---|---|---|---|
| Duplex | $95K–$125K | $40K–$55K | $2,350–$2,750/mo | $192K–$225K |
| Bungalow SFR | $88K–$115K | $32K–$48K | $1,250–$1,450/mo | $165K–$198K |
| Small 4-plex (rare) | $165K–$210K | $72K–$95K | $4,200–$5,100/mo | $285K–$325K |
Hard money terms: Garfield Park specifics
- 8.99%–13.5% interest-only · up to 100% of cost on qualified files, capped at 75% of after-repair value · 7–10 business day close
- Marion County tax sale and heirship properties fundable if title cured pre-close
- Draw inspections via third-party — photos + invoice matching scope
- Exit path: Indiana DSCR at 70%–75% LTV or flip to owner-occupant
Metro links: Indianapolis hub · Fountain Square · Bates-Hendricks
Draw schedule: Southern Ave duplex
Garfield Park duplex rehabs follow mechanical-first sequencing because 1920s stock on Southern Avenue and East Southern frequently has end-of-life HVAC and original plumbing.
$51,000 rehab — typical draw structure:
- Draw 1 (20% / $10,200): Demo, permits, dumpster, rough electrical
- Draw 2 (35% / $17,850): Panel upgrade, HVAC both sides, water heaters, rough plumbing passed
- Draw 3 (30% / $15,300): Kitchens, baths, flooring, interior paint
- Draw 4 (15% / $7,650): Exterior paint, porch repair, final punch, CO if required
Timeline: 14–18 weeks if both sides vacant; add 4–6 weeks if one side occupied during rehab.
Worked example: Southern Ave duplex BRRRR
Property: Duplex on East Southern Avenue, 1926 build, 1,560 sq ft, both sides month-to-month at $1,050 and $975/mo, HVAC 22 years old.
Acquisition: $112,000
Rehab — $51,000:
- HVAC (both units, 80% efficiency gas): $12,400
- Electrical (100-amp to 200-amp, both sides): $11,200
- Kitchens: $10,800
- Baths: $7,200
- Flooring/paint/misc: $9,400
All-in: $163,000
Hard money: 89% LTC → $145,070 at 11.5% IO. Close 8 business days.
Monthly carry during 11-month hold: ~$1,390 interest + $165 taxes/insurance = ~$1,555/mo
Lease-up (month 3 post-rehab):
- Unit A: $1,325/mo
- Unit B: $1,325/mo
- Gross: $2,650/mo
Appraisal: $208,000 — comps from Garfield Park and Southern Ave corridor only
DSCR refi (month 11): 72% LTV → $149,760 at 8.0% → $1,003/mo P&I
NOI: $2,650 gross − $212 vacancy (8%) − $212 PM (8%) − $198 taxes − $82 insurance = ~$1,946/mo. DSCR ~1.14.
Sponsor outcome: Permanent debt covers bridge payoff; ~$55K equity retained; capital recycles to next Near Eastside duplex in Bates-Hendricks.
Park revitalization: underwrite current, not future
City investment near the conservatory — trail connections, Shelby Street streetscape, and IndyGo route improvements — supports gradual basis lift. Underwrite current comps, not five-year pro forma. Revitalization helps lease-up speed more than flip premium on sub-$230K product.
Do not comp Irvington or Fletcher Place onto Garfield Park blocks south of I-70 — appraiser will reject.
Diligence checklist
- Crime and management — professional PM or local operator with Near Eastside experience; self-manage only if within 15 minutes
- Parking — alley and street parking affects duplex marketability; document spaces in listing photos
- Tax sale properties — clear title before Draw 1; Marion County tax sale redemption adds complexity
- Basement moisture — common in 1920s block foundations; scope sump or encapsulation if active seepage
- Lead and asbestos — pre-1978 stock; budget abatement if disturbed during panel/plumbing work
- Reassessment — Marion County post-sale reassessment hits tax line in year two of hold
Pre-qual checklist: Garfield Park
- Purchase contract with 7–10 day close and proof-of-funds letter
- Itemized scope from licensed Indiana contractor
- Three duplex sold comps within 0.5 mi of Garfield Park proper
- Two rent comps at $1,175+ per side within 1 mi
- LLC formation docs and 6-month interest reserve
- Title commitment — no open heirship or code enforcement liens
- Landlord insurance quote at replacement cost
- If occupied: estoppel and lease copies for both sides
FAQ
SFR flip in Garfield Park?
Thin spread — a $102K bungalow + $42K rehab → $178K ARV yields ~$14K–$20K net after carry. BRRRR preferred on duplex stock.
Section 8 tenants?
Market rents often align with HCV payment standards on 2-bed units. Document PHA payment history for DSCR — not a disqualifier.
Compare Lawrence Township?
Suburban Indianapolis flips differ — no RLTO, different buyer pool, higher basis. Garfield Park is urban yield.
Four-plex in Garfield Park?
Rare but fundable. Hard money at 85% LTC on $240K+ all-in; DSCR at 70% LTV with $4,500+ gross rent. Management intensity scales with unit count.
Pre-Qualify for Garfield Park Hard Money · (833) 264-7776
Garfield Park — conservatory adjacency file gates (2026)
Garfield Park files fail when Broad Ripple premiums price conservatory-adjacent blocks, or when crime-perception blocks are modeled at premium corridor rents. Southern spillover from Bates-Hendricks uses different comp sets.
- Acquisition: $112K — $163K all-in on typical duplex mechanical + cosmetic
- Premium blocks: Conservatory-adjacent $5K–$10K ARV bump — prove with solds
- Vacancy: Model 8%–10% on transitional blocks
- Exit: DSCR on $1,200–$1,450/side — verify on Marion County lease comps
Bridge 8.99%–13.5% IO · Indy rankings · (833) 264-7776.
Underwriting anchor: Acquisition: $112,000 — Panel upgrade, HVAC both sides, water heaters, rough plumbing passed 3 on Garfield Park Indianapolis before IO term.
Metro voucher rent versus a Southern Avenue lease
HUD’s fiscal year 2027 fair market rent for the Indianapolis-Carmel area is $1,336 for one bedroom, $1,536 for two bedrooms, and $1,991 for three bedrooms. The figures took effect October 1, 2026, unless a reevaluation is granted. Marion County is inside the area. The rent file lists a 2024 county population of 975,809. Tables are on HUD’s fair market rent page. The date is in the September 1, 2026 notice (91 FR 56156).
The Southern Avenue example leases both sides at $1,325. That is $211 a month under the two-bedroom fair market rent, or $2,532 a year. The yield on this block comes from basis, not from charging the metro voucher ceiling. Underwrite $1,325 if that is the rent the street will sign. Using $1,536 invents income the appraisal rent schedule may reject.
New duplex permits are not replacing this stock
The Census Bureau Vintage 2025 estimates put Indianapolis city (balance) at 901,116 people on July 1, 2025. The consolidated city count in that release is 910,638. Both lines are in the 2020–2025 city population folder. Citywide population does not set a Shelby Street duplex price.
Marion County’s permit row through August 2026 shows 744 imputed one-unit permits and 651 reported only. Imputed one-unit value is $248,045,137. Two-unit buildings: zero units. Three- and four-unit buildings: zero units. Buildings of five or more: 468 units, imputed value $91,692,611. The layout is the county permit documentation. The file is co2608y.txt.
| Marion County permits, Jan–Aug 2026 | Imputed units |
|---|---|
| One-unit houses | 744 |
| Two-unit buildings | 0 |
| Three- and four-unit buildings | 0 |
| Buildings of five or more | 468 |
Nobody is permitting a new double to replace a 1926 side-by-side. The acquisition pool is the existing stock. That is why hard money, not a construction loan, is the tool. Apartment permits can still compete with a basic rental finish. They do not create duplex comps.
A 4.5% division move is smaller than the HVAC line
FHFA reports the East North Central division, which includes Indiana, up 4.5% from July 2025 to July 2026, and up 0.1% from June to July 2026. The national index was up 2.6% on the year and 0.3% on the month. Release date: September 29, 2026. Source: FHFA’s monthly house price report.
Illustration: 4.5% of the example’s $208,000 appraisal is about $9,360. The same example budgets $12,400 for HVAC on both sides. A missed mechanical bid moves the file more than a year of the division index. Do not add 4.5% to Garfield Park solds.
Lead-safe work on a house you will rent
EPA banned lead paint sales for homes in 1978 and says about three-quarters of older homes still have some. A firm that disturbs paint in a pre-1978 rental must be certified. Training can be as a certified renovator or on the job under one. The homeowner exemption does not cover a flipper, and it does not cover an owner who rents the unit. Read the Renovation, Repair and Painting program. On a 1926 double, put the certified firm in the electrical and window scope, not in a punch-list surprise.
Jaken Finance Group fix-and-flip interest is 8.99%–13.5% for 6–12 months, with a 7–10 business day close on a complete file. The loan can reach 100% of cost on a qualified file and stops at 75% of after-repair value. Take the lower figure. Exit math for a stabilized double belongs on Indiana fix-and-flip only while the bridge is outstanding, then on Indiana DSCR once both leases are signed.
Order the offer package this way: three duplex solds inside half a mile, two rent comps at the achieved side rent, a lead-safe contractor bid, and a Marion County tax estimate at the purchase price.
The $211 monthly gap under the two-bedroom fair market rent is $2,532 a year on one side. On the example’s two sides at $1,325, modeling both at $1,536 would overstate gross rent by $422 a month, or $5,064 a year. That is enough to fake a debt-service ratio that the leases will not support. Keep the rent roll on Southern Avenue comps.
Call (833) 264-7776 when the seller wants proof of funds inside ten days. Rates, terms and conditions offered only to qualified borrowers and are subject to change without notice. All loans are subject to full underwriting. Jaken Finance Group only finances non-owner occupied investment properties.