# 421 Villa Avenue, Indianapolis, IN 46201

> **TL;DR:** multi-family, $149,000, built 1920. Est. $646/mo. Listed 1 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $149,000 |
| Year Built | 1920 |
| Lot Size | 4,356 sqft (0.10 acres) |
| Property Type | Multi-Family (Duplex) |
| Status | For Sale |
| Days on Market | 1 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Mortgage (20% down, 6.5%) | $646 |
| **Total** | **$646** |

## Property Highlights

- Built in 1920
- 0.10 acre lot

## Description

### Agent Description
Investor and owner-occupant opportunity at 421-423 Villa Ave in Indianapolis! This side-by-side ranch duplex features two mirror-image units, each offering 1 bed, 1 bath, and approximately 593 sq ft. The 421 side is tenant-occupied at $789/month on a month-to-month lease (tenant pays gas/electric and handles lawn care; owner pays water/sewer), while the 423 side has just undergone turnover and is move-in or rent-ready. At full occupancy, the property is projected to exceed the coveted 1% rule, with market rents estimated at $800-$850 per side . Utilities are efficiently configured with separately metered gas and electric and a shared water/sewer meter. Strategically located on the southeast side of downtown in a pocket between Fountain Square and the Near Eastside, this C+ area is experiencing steady revitalization with new builds and renovations sprinkled throughout. Just minutes from downtown and the $600M Community Justice Campus, the location supports strong rental demand and appreciation potential. Ideal for house hackers looking to offset their mortgage or investors targeting long- or mid-term rentals, with potential for short-term use following light cosmetic improvements. No HOA. Professional management in place. Turnkey on one side with value-add upside on the other-schedule your showing today!

## Location

- **Address:** 421 Villa Avenue, Indianapolis, IN 46201
- **County:** Marion
- **Neighborhood:** State Square
- **Coordinates:** 39.760241, -86.127271
- **Google Maps:** https://www.google.com/maps?q=39.760241,-86.127271

## Listing Agent

- **Name:** Peter Stewart
- **Brokerage:** Keller Williams Indpls Metro N
- **Phone:** 3178466300
- **Email:** peter@peterstewartrealty.com

## Primary Photo

![421 Villa Avenue - Primary Photo](http://lh.rdcpix.com/007fb865b4e5d3ce985ba0eb7b28add8l-f3737778901r.jpg)

*22 total photos available on [listing page](https://www.propertysimple.com/listing/421-villa-avenue-indianapolis-in-46201-22088932)*

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**MLS#:** 22088932 | **Updated:** 2026-04-25
**Source:** listhub

*Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.com/listing/421-villa-avenue-indianapolis-in-46201-22088932)

---

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