Irvington is Indianapolis eastside historic district energy — Washington Street commercial spine, Irving Theatre, and 1920s bungalow blocks where sellers still expect proof of funds on a 10-day close.
Hard money loans in Irvington fund Marion County value-add on distressed mechanicals, knob-and-tube electrical, and dated kitchens — then exit to flip resale for house hackers or DSCR loans Indiana when duplex rent rolls stabilize.
Irvington geography: Washington St corridor
Irvington sits 5–7 miles east of downtown, bounded roughly by Emerson Avenue to the west, Shadeland Avenue to the east, and 10th Street to the north. The Washington Street commercial corridor — Duos, Black Acre Brewing, Irving Theatre — draws renters who want walkable neighborhood character without Broad Ripple basis.
Investor inventory clusters on Audubon Road, Julian Avenue, and Burgess Avenue blocks: 1920s–1940s bungalows and side-by-side duplexes with basements, alley HVAC, and pre-1978 paint. Do not comp Fountain Square Virginia Ave premiums onto Irvington — buyer pool overlaps but walkability thesis differs.
Renters: Community East Hospital staff, IU Health commuters, young professionals priced out of Meridian-Kessler, and owner-occupant house hackers targeting $200K–$235K renovated bungalows.
2026 price and rehab bands
| Asset | As-is buy | Rehab | Stabilized ARV |
|---|---|---|---|
| 2/1 bungalow | $118K–$148K | $38K–$52K | $195K–$228K |
| 3/2 bungalow | $132K–$165K | $42K–$58K | $215K–$248K |
| Side-by-side duplex | $125K–$158K | $45K–$65K | $220K–$270K |
Pending confirmation with Jaken: refresh Irvington sold comps quarterly from production closings.
Hard money structure for Irvington
- 9.5%–13.5% interest-only · up to 90% LTC on qualified files · 7–10 business day close
- 12-month bridge standard; draw schedules tied to electrical, HVAC, and kitchen milestones
- Exit: DSCR Indiana at high-7s/low-8s on $1,275–$1,500/side duplex rents or $1,450–$1,650 SFR
Links: Indianapolis metro · Fountain Square · fix and flip Indiana
Worked example: Audubon Rd bungalow BRRRR
Property: 3-bed / 1-bath bungalow on Audubon Road, 1926 build, 1,320 sq ft. Knob-and-tube, R-22 HVAC, kitchen 1990s.
Acquisition: $142,000 — estate sale, 8-day hard money close.
Rehab — $48,500:
- Electrical (panel + partial rewire): $12,800
- HVAC (heat pump): $9,600
- Kitchen gut: $11,200
- Bath remodel: $6,400
- Flooring/paint: $8,500
All-in: $190,500
Hard money: 86% LTC → $163,830 at 11.5% IO. 11-month hold.
BRRRR exit:
- Lease: $1,575/mo to hospital employee
- Appraisal: $232,000
- DSCR refi at 72% LTV: $167,040 at 8.0% → $1,112/mo P&I
NOI: $1,575 − $79 vacancy (5%) − $126 PM (8%) − $215 taxes − $88 insurance = ~$1,067/mo. DSCR ~1.05.
Compared to Mapleton-Fall Creek and Near Eastside
Irvington offers historic-district resale premium over Garfield Park with lower basis than Broad Ripple. Mapleton-Fall Creek trades higher owner-occupant demand at $165K–$210K buy basis — thinner gross caps, faster resale velocity.
Diligence on Irvington stock
- Historic district guidelines — exterior changes may need review; confirm scope with GC before ordering custom windows
- Marion County reassessment post-renovation — budget 1.0%–1.1% of ARV in taxes
- Heirship title on estate sales — clear probate before close
- Lead paint — pre-1978 stock requires EPA-compliant renovation practices
- Separate meters on duplexes — verify landlord-paid utilities excluded from NOI
Audubon Road draw schedule
$48,500 bungalow rehab:
- $9,700 (20%): Electrical rough, permits, demo
- $16,975 (35%): HVAC, panel, plumbing rough
- $14,550 (30%): Kitchen, bath, flooring, paint
- $7,275 (15%): Exterior, porch, final CO
Irvington historic district may review exterior material changes — confirm window and siding spec with GC before ordering custom units.
Irvington in Indianapolis rankings
Ranks #5 of 7 in Indianapolis 2026 ranking — best SFR flip corridor in the set. Duplex sponsors should compare Fountain Square yield before paying Irvington bungalow basis.
Pre-qual checklist
- Contract with ≤10-day close
- GC scope with electrical and HVAC line items
- Three sold comps within 0.5 mi on Washington corridor blocks
- Rent comps supporting $1,275+/side (duplex) or $1,450+ (SFR)
- Indiana LLC docs and 6-month IO reserve
- Title commitment — no heirship or tax liens
Irvington Historic District and East Washington Street retail
Irvington is Indy’s eastside heritage corridor — East Washington Street independent retail, Irvington Theatre, and penny brick bungalows where hard money closes in 7–10 days on estates banks won’t touch. Distinct from Near Eastside industrial adjacency and Fountain Square entertainment premium.
Historic overlay: Portions of Irvington trigger IHPC review on exterior work — budget 3–5 weeks and $4K–$8K on visible streetscape changes. Interior gut rehabs on standard bungalows often proceed on standard Indy permits if facade unchanged.
| Asset | Buy | Rehab | ARV / rent |
|---|---|---|---|
| 2-bed bungalow | $145K–$185K | $45K–$72K | $235K–$275K flip |
| 3-bed with garage | $165K–$210K | $55K–$85K | $1,450–$1,750/mo hold |
| Duplex (rare) | $195K–$245K | $75K–$110K | BRRRR to IN DSCR |
Worked example: $168K Julian Avenue bungalow + $62K rehab. 89% LTC at 11.75% IO. ARV $258K — list to Irvington owner-occupant buyer seeking walkable Washington Street. 42 DOM at $252K sale — flip spread met hurdle; hold alternative $1,625/mo supports 1.08 DSCR at 70% LTV on $240K appraisal.
Link Indianapolis metro · Indy flip ranking.
IHPC facade review and Julian Avenue flip staging
Irvington Historic exterior changes visible from East Washington may require IHPC consultation — interior gut on standard bungalows proceeds on Indy standard permits when facade unchanged. Stage Washington Street walkability in listing — O-O buyers pay $8K–$12K premium for Julian/Pleasant blocks vs. interior alley-facing stock.
Marion rental registration before lease-up — violation stack blocks Indiana DSCR refi.
Pre-Qualify for Irvington 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.