Located on a prime corner lot within walking distance to downtown Sullivan, IN, this unique multi-unit property features a spacious 4 Bedroom / 2 Bathroom Victorian main house plus a separate side building containing 2 rent-ready apartments on a single parcel. Positioned in a stable market near major local roadways and conveniences, this asset offers massive built-in equity and immediate income.
FINANCIAL & INVESTMENT SUMMARY
Asking / Entry Price: $145,000
Certified Appraised As-Is Value: $275,000 *(Appraised by Certified Residential Appraiser on 08/19/2026)*
Built-In Instant Equity: $130,000 Below Appraised Value
In-Place Apartment Income: $1,400/month ($700/mo per unit; $16,800/year)
Main House Potential Rent: ~$1,200 – $1,500/month
Total Gross Potential Rent: ~$2,600 – $2,900+/month
Annual Property Taxes: $2,968/year
PROPERTY DETAILS & CONDITION
Main House (Yellow): 4 Bedrooms / 2 Bathrooms | 3,076 Sq Ft Living Area + 1,504 Sq Ft Unfinished Basement
Features: Grand Victorian architecture, high ceilings, original hardwood floors throughout, enclosed porch, laundry area, and decorative fireplace mantle.
Roof: Brand new metal roof installed (major capital expense complete).
Condition: Needs cosmetic finishes only (paint, refinishing original hardwood flooring, light kitchen and bath updates).
Side Houses / ADU (Red): 2 Fully finished 589 sq ft 1-bedroom apartments containing a living room, kitchen, bedroom, and full bathroom
Condition: Rent-ready now at $700/month per unit.
Parking & Lot: Corner lot with covered 2-car carport plus dedicated driveway.
INVESTOR EXIT STRATEGY BREAKDOWN
Strategy 1: Multi-Unit Buy & Hold / Hybrid Investment
Cash Returned to Investor: $31,250 Tax-Free Cash Out above initial investment while retaining ownership of a cash-flowing 3-unit asset.
COMPARABLE SALES & MARKET AMMO
**1. Certified Bank Appraisal Comps ($275,000 Value Benchmark)**
241 W Washington St: $248,000 | 4 BD / 2.1 BA | 2,430 Sq Ft | Sold 02/2026 *(0.32 mi away)*
430 W Washington St: $249,900 | 3 BD / 2.0 BA | 3,038 Sq Ft | Active Comp *(0.53 mi away)*
231 S Main St: $220,000 | 3 BD / 2.1 BA | 2,732 Sq Ft | Sold 11/2025 *(0.35 mi away)*
2. Local Neighborhood Sales (As-Is & Renovated Ammo)
206 W Washington St: $195,000 | 3,080 Sq Ft ($63.31/sq ft) | 4–5 BD / 2 BA | Sold 06/2026 (0.35 mi away) (Direct 1:1 Victorian size/style comp showing $50,000 in built-in main house equity at moderate condition)
722 N Main St: $210,000 | 2,490 Sq Ft ($84.34/sq ft) | 6 BD / 3 BA | Sold 09/2026 (0.45 mi away) (Fully renovated benchmark establishing $84+/sq ft ARV potential in the immediate neighborhood)
415 E Washington St: $175,000 | 2,166 Sq Ft ($80.79/sq ft) | 4 BD / 3 BA | Sold 05/2026 (0.45 mi away) (Well-maintained supporting comp proving smaller 4-bed homes command $175k+)
3. Appraised Rental Market Comps
564 S Court St: $995/month | 2 BD / 1 BA | 978 Sq Ft
824 E Harris St: $875/month | 2 BD / 2 BA | 896 Sq Ft
332 N French St: $748/month | 3 BD / 1.1 BA | 1,152 Sq Ft
CLOSING & SHOWING INSTRUCTIONS
Showings: Walkthroughs arranged for vetted, qualified cash buyers.
Closing: Fast closing via preferred local title company.
Terms: Cash / Hard Money / As-Is Sale.
More About This Property
Nearby Markets12 cities · 8 counties · 12 ZIP codes
Figures from the seller unless a line says otherwise. Verify before you close.
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ARV $275,000
From the listing
The seller picked no comps. Investimate’s own value for this home is $183,000.