Here are the 10 cheapest homes sold in the Indianapolis area
Indianapolis Star column by Laura Musall
By Laura Musall
It’s fun to ooh and ahh over the ritzy, over-the-top houses that hit the market (like the $5.52 million home that sold in Williams Creek recently), but have you ever wondered about the not so pretty homes? Houses with boarded up windows or signs on the door that say: “Enter at your own risk.” Homes where racoons – and other things – may be running amok. These are the listings that fall into the category of “fixer upper.” Here is a look at the 10 least expensive homes sold over the last 30 days in the Indianapolis Metro area. They range in prices from $30,000 to $52,000. No. 1: This one-bedroom fixer-upper at 419 Wood St. in Greenfield sold for $30,000 after just two days on the market. Built in 1900, it’s 936-square-feet and needs some TLC, but it has potential.
No. 2 and No. 3: Two side-by-side homes sold for $35,000 each on Indy’s south side. The two-story house at 1119 S. Randolph St., was being rented for $650 a month when the house was listed for $110,000 in September 2020. The home next door at 1123 S. Randolph St. was not inhabitable. It looked as if plaster was dangling from the ceilings, floors were rotted and trash was piled high. While the houses need a major overhaul, they are in an area experiencing redevelopment. For example, a similar-sized home down the street sold for $200,000 last year after a makeover. The list agent for the two Randolph homes was Joe Bottorff of Doc Real Estate.
No. 4: Built in 1880 (the oldest on our list), this three-bedroom, two-story home at 713 S. Miller St., in Shelbyville is not inhabitable – at least yet. It’s near the Boys & Girls Club, but also next door to a gas station, which may explain the $40,000 sales price. The home was listed by Sharon Bernard of Carpenter.
No. 5: An investor purchased 3331 N Arsenal Ave., Indianapolis for $16,211 at an auction in January. Five months later, this 594-square-foot bungalow sold for $42,500. It does have a newer electrical panel and vinyl windows, according to the listing by Scott White of Apex Realty.
This home on North Parker sold for $46,200 (photo by Fife Real Estate & Auction)
No. 6: This sixth least expensive home sold at auction for $46,200. Located across from Oaks Academy Brookside campus at 1814 N Parker Ave., Indianapolis, this 1920 bungalow is 1801-square-feet, has a glass-enclosed from porch, three bedrooms, one bath, a basement and detached garage. It was listed by Jeff Fife of Fife Real Estate & Auction.
This 1910 home in Indianapolis sold for $47,400. Photo by Cosgrove Group.
No. 7 It’s always good to have a flashlight when showing houses, but list agent Cinda Cosgrove of Cosgrove Group suggested bringing a screw gun or screwdriver, to gain access to the front door of 2118 W. Minnesota St. It had an accepted offer of $47,500, just three days after it was listed for $55,000. The 1910 home has 1,186-square-feet, four bedrooms and a bath.
There were multiple offers on this Mars Hill home. Photo by Chris Price, Keller Williams Indy Metro South.
No. 8 A bank-owned property at 2402 Mars Hill, Indianapolis sold for $48,000, $15,100 over the list price. While it does need a lot of work, there were multiple offers, according to list agent Chris Price of Keller Williams Indy Metro South. The sale went to investors who plan to do some renovations and make this 738-square-foot, two-bedroom, one-bath available for rent.
Buyers were most attracted to the nearly 1-acre lot on this Shelbyville house. Photo by Nathan Runnebohm.
No. 9 For an even $50,000, the buyers of 3264 E. Michigan Road in Shelbyville have their work cut out for them on this 1,512-square-foot, three-bedroom, two-bath, salt-box style home built in 1900 on nearly an acre. Realtor Nathan Runnebohm represented the buyers, who were attracted to the large lot east of downtown Shelbyville. It’s going to require a new well, electric service installed to the house and a complete remodel of the house, Runnebohm said.
This Indy home sold for $52,000. Photo by Stephanie Rainbolt of Keller Williams Indy Metro NE.
No. 10: Tenants were living at 2356 Wheeler St., Indianapolis, when it went on the market for $105,000 in November. This four-bedroom, two-bath, 1,400-square-foot home on the near-eastside sold for $52,000 this month. It was listed by Stephanie Rainbolt of Keller Williams Indy Metro NE.
Most of the homes were purchased by investors for cash, as homes that don’t have working toilets or floors, or homes that have boarded up windows and doors or rotted floors don’t qualify for typical mortgages, although there are rehab loans available for those who want to tackle a project.
hen buying a fixer-upper, it’s important to know what you’re getting into, and whatever you think you’ll spend on repairs, add 50 percent, because inevitably something will crop up you didn’t expect.
Laura Musall writes a monthly real estate column for the Indianapolis Star. If you want to learn more about buying or selling a home, contact her at 317.702.0058.