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: asset-based bridge capital, 90% LTC on qualified files, and permanent exit to DSCR when 7%–10% gross cap math clears on real rents.
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
- 9.5%–13% IO · 85%–90% LTC · 7–10 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
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.