Buy a home or buy an opportunity? This property is a dream come true for the one who appreciates investment opportunity. 6 apartments are currently rented, and a 7th apartment awaiting your unlimited imagination to design and finish! You can call the shots on how simple or luxurious you'd like to live in this one, or you can finish and have a 7th apartment to rent. This building is functioning in its current condition; however it could use quite a bit of TLC. Upgrades that have been accomplished already include a new roof in 2019, apartment 1 (and a half) totally renovated in 2020, also exterior deck and stairs replaced in 2024 and upgraded to a covered porch. Buy this instead of a moderate single family home, of the same price, and after you finish renovations on the 7th apartment to your liking, you will enjoy a built in residual income for years to come. So, plan appropriately and you can live for free! Pretty smart. This property was at one time The Hanover Hotel, then it was converted into apartments in the 1970's and still serves as apartments. Current renters have leases that must be honored, expiring at different times. 3 of the occupants have lived here for 4 years.
Property Details
Property Features
Property Information:
Architectural Style: Multi-Level
Year Built: 1932
Listing Office:
Office Name: Guardian Realty, LLC
Office Email: CallNancyHorton2Move@yahoo.com
Listing Agent: Nancy Horton
Interior Features
Interior Information:
Basement: Yes
Exterior Features
Exterior Information:
Exterior: Balcony, Outdoor Fire Pit
Lot Features
Lot Information:
Lot Size: 0.73 Acres
Utilities
Utilities Information:
Heating: Baseboard, Forced Air
Cooling: Window Unit(s)
Other
Directions Information:
Directions: GPS Friendly
Price Information
Listing Price Info
Price Summary:
List Price: $225,000
Tax Information:
Annual Amount: $2,306
Tax Year: 2020
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MLS Details
MLS Information:
MLS Name: MIBOR
MLS Number: #22011974
Listing Office:
Office Name: Guardian Realty, LLC
Office Email: CallNancyHorton2Move@yahoo.com
Listing Agent: Nancy Horton
Listings courtesy of Metropolitan Indianapolis Board of REALTORS® MLS as distributed by MLS GRID.
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Based on information submitted to the Broker Listing Cooperative listing service. All information provided is deemed reliable but is not guaranteed and should be independently verified. All data is obtained from various sources and may not have been verified by broker or Broker Listing Cooperative listing service. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2020
$2,306
$115,300
2018
$2,306
$115,300
2017
$995
$114,100
History based on county public records data.
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NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Southwestern Elementary School
273 Marine St
Distance between this listing and this school0.62 miles
Public District Grades PK-5
7
/10
Lydia Middleton Elementary School
714 W Main St
Distance between this listing and this school4.55 miles
Public District Grades PK-4
5
/10
Anderson Elementary School
2325 Cherry Dr
Distance between this listing and this school5.65 miles
Public District Grades PK-4
Nearby Schools
4
/10
Southwestern Middle School
169 S Main Cross St
Distance between this listing and this school0.43 miles
Public District Grades 6-8
5
/10
Madison Consolidated Jr High School
701 8th St
Distance between this listing and this school5.18 miles
Public District Grades 4-8
1
/10
Carroll County Middle School
408 5th St
Distance between this listing and this school15.64 miles
Public District Grades 5-8
Nearby Schools
6
/10
Southwestern High School
167 S Main Cross St
Distance between this listing and this school0.45 miles
Public District Grades 9-12
4
/10
Madison Consolidated High School
743 Clifty Dr
Distance between this listing and this school5.37 miles
Public District Grades 9-12
2
/10
Trimble County Jr/Sr High School
1029 Highway 421 N
Distance between this listing and this school10.69 miles
The neighbors living near this home have an average income of $35,872. Most Jefferson County, IN residents have annual incomes less than $35k. The most common type of family is single, no kids. Most residents in this area have post secondary degree education.
This home is located at 31 N Madison Ave in Hanover, IN and zip code 47243. This home, which was built in 1932, sits on a 0.73 acre lot. It has been listed on Rocket Homes since November 18, 2024 and is currently priced at $225,000.
The number of listings in Jefferson County, IN increased by 15.8% between October 2024 and November 2024. In November 2024, listings were on the market for 85 days. During the same period, the median list price in this real estate market was $229,900.
From Rocket Homes Real Estate and based on county public records data.