Martindale-Brightwood is Marion County’s transitional double corridor — Rural Street, Sherman Drive, and 21st Street blocks where 1920s side-by-side stock trades below Fountain Square walkability premium but still clears 7%–9% gross caps when sponsors underwrite block-by-block.
Hard money loans in Martindale-Brightwood fund Near Eastside BRRRR: acquisition of distressed doubles, knob-and-tube rehab, and exit to DSCR loans Indianapolis when rent roll supports 1.15+ ratio.
Martindale-Brightwood geography
Martindale-Brightwood sits northeast of downtown — bounded by I-70, Keystone Avenue, and Brookside adjacency. The corridor differs from core Near Eastside neighborhoods:
- Lower basis than Fountain Square — $88K–$125K as-is on qualified blocks
- Higher block variance — one street may show owner-occupant activity, the next may not
- Brookside spillover — gentrification pressure from the east raises ARV on select blocks
- Industrial adjacency — verify environmental flags on fence-line parcels
Renters include Community East Hospital staff, downtown service workers, and families priced below Irvington owner-occupant markets.
2026 price and rehab bands
| Asset | As-is buy | Rehab | Stabilized ARV |
|---|---|---|---|
| Side-by-side double | $92K–$118K | $44K–$58K | $185K–$218K |
| Small 2-unit MF | $98K–$125K | $48K–$62K | $195K–$228K |
| Bungalow SFR (select) | $82K–$108K | $38K–$52K | $168K–$198K |
Cross-comp Irvington or Fountain Square sales onto Rural Street blocks without adjustment and appraisers will cut ARV $15K–$25K.
Hard money structure for Martindale-Brightwood
- 8.99%–13.5% interest-only · up to 90% LTC · 7–10 business day close
- Draws tied to inspection milestones on both sides
- Exit: DSCR Indianapolis at 5.75%–10.5%
Draw schedule: Rural Street double rehab
| Draw | Milestone | Release | Scope |
|---|---|---|---|
| Draw 1 | Close + 14 days | 25% | Demo, permits, panel rough-in |
| Draw 2 | Electrical sign-off | 30% | Knob-and-tube removal |
| Draw 3 | HVAC complete | 25% | Furnace/AC both units |
| Draw 4 | Finish | 20% | Kitchens, baths, flooring |
A $54,000 rehab funds across 90–120 days — model $1,800–$2,300/mo IO on $162K all-in loan.
Worked example: Sherman Drive double BRRRR
Property: Side-by-side on Sherman Drive, built 1936, one vacant 5 months, occupied side at $900/mo month-to-month.
Acquisition: $102,000.
Rehab: $54,000 — panels, HVAC, kitchens/baths, exterior.
Hard money: 88% LTC → $137,280 funded.
Stabilize: $1,225/side ($2,450 gross).
Appraisal: $198,000.
DSCR refi at 72% LTV → DSCR ~1.18 — model 9% vacancy on transitional block.
Worked example: 21st Street bungalow flip
Acquisition: $94,000 3/2 — estate sale.
Rehab: $42,000 — panel, HVAC, kitchen, bath.
All-in: $136,000
Sale: $178,000 — 8% costs, $7,800 carry → net ~$14,200 spread.
BRRRR wins when same property holds at $2,400 gross and $192K appraisal — flip spread goes thin.
Martindale-Brightwood vs. Fountain Square
| Factor | Martindale-Brightwood | Fountain Square |
|---|---|---|
| As-is basis | $88K–$125K | $105K–$138K |
| Rent/side | $1,150–$1,350 | $1,250–$1,550 |
| Walkability | Lower | Virginia Ave premium |
| Block variance | Higher | Moderate |
| Gross cap | 7%–9% | 7%–10% |
Block diligence framework
Qualified blocks show:
- Owner-occupant or investor sale within 6 months on same block
- No active code liens on adjacent parcels
- Marion County ARV comps within 0.5 miles
- Street-level safety and vacancy rates supporting 8%–9% vacancy assumption
Avoid: blocks with zero recorded sales in 18 months, industrial fence-line without environmental review.
Diligence on Martindale-Brightwood stock
- Knob-and-tube — budget $12K–$16K electrical per double
- Foundation — clay soils; engineer on 1930s stock
- Lead paint — pre-1978 inventory
- Vacancy — model 8%–10% vs. 7%–8% in Fountain Square
- Insurance — $1,700–$2,100/yr on $195K dwelling
When Martindale-Brightwood beats Haughville
- Slightly higher rent bands on Brookside-adjacent blocks
- Stronger owner-occupant activity on select Sherman Drive streets
- Lower basis than Irvington with similar rehab scope
When you want lowest Near Eastside basis — Haughville spoke.
Martindale-Brightwood capital stack walkthrough
Block-qualified sponsors on Sherman Drive and Brookside corridors typically run:
- Acquire side-by-side double at $88K–$125K on Indianapolis hard money — 8.99%–13.5% IO, 90% LTC, 7–10 day close.
- Rehab $48K–$62K — panels, HVAC, kitchens/baths, exterior paint. Pre-war doubles need mechanical scope before cosmetic draws release.
- Stabilize at $1,150–$1,350/side ($2,300–$2,700 gross) with executed 12-month leases.
- Appraise at $185K–$210K using Marion County comps within 0.5 miles on same corridor.
- Exit via DSCR loans Indianapolis at 72%–75% LTV — extract $30K–$45K equity for the next Near Eastside door.
Hard money carry at 10.5% IO on $165K funded for 6 months runs ~$8,600 — model in flip vs. hold comparison before you choose resale exit on thin-margin blocks.
Pre-close block qualification
Walk the block before you waive inspection: count owner-occupant improvements in the last 12 months, verify no active code liens on adjacent parcels, and confirm three ARV comps support your post-rehab value. Blocks with zero recorded sales in 18 months fail both flip resale and DSCR appraisal — pass even when basis looks attractive.
FAQ
Brookside gentrification premium?
Select blocks east of Rural Street support $25K–$40K ARV premium — document with same-corridor comps only.
Illegal basement units?
Verify permit status before draw schedule — common on pre-war doubles.
100% rehab?
Available on qualified files with experienced sponsor and documented scope.
See Indianapolis metro, Haughville spoke, and Indianapolis BRRRR guide.
Martindale-Brightwood, Indianapolis: closing diligence tied to Martindale-Brightwood geography
Underwrite hard money loans martindale brightwood indianapolis using the Martindale-Brightwood, Indianapolis economics above — not a statewide template. Basis and ARV bands on this page center on $88K–$125K; keep comps within the same corridor. Achieved rent targets here run near $2,300/mo; use executed leases before DSCR sizing. Cross-check against Fountain Square only when the asset class matches — not adjacent submarkets. Local friction: permit status before draw schedule — common on pre-war doubles.
Questions on this file? Submit scenario · (833) 264-7776.
Pre-Qualify for Martindale-Brightwood Hard Money · Indianapolis metro · (833) 264-7776
Martindale-Brightwood, Indianapolis: 2026 underwriting checkpoint
Files on hard money loans martindale brightwood indianapolis should cross-check sold comps, investor insurance, and property tax on the exact parcel before LOI — not a statewide template. Model bridge carry at 8.99%–13.5% IO and any DSCR exit at 5.75%–10.5% using executed lease terms.
Reserve two to four months interest on rehab-heavy scopes in Martindale-Brightwood, Indianapolis. Submit scenario · Pre-qualify · (833) 264-7776.