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    103 S Main St South Whitley, IN 46787

    Sponsored
    For Sale
    Pending
    $144,900

    Duplex - South Whitley, IN

    Type:Duplex
    Property size:
    1,536 SF
    Lot size:
    0.20 Acres
    Days on Market:
    12
    Last Refresh:
    Feb 27 at 5:06 am

    Property Features for 103 S Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Pending
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    2
    APN
    92-08-04-510-001.000-002
    Patio and Porch features
    Porch
    Exterior features
    Porch Covered, Porch Screened, None
    Appliances
    Dishwasher, Garbage Disposer, Range, Washer
    Size
    1,536 SF
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Hot Water (Heating), Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    1
    Flooring type
    Laminate, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Jessica White

    Minear Real Estate (260) 244-0009

    Listing agent Jessica White (260) 244-0009 License #RB22000162

    Listing date Feb 16, 2026

    MLS# 202549431 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    South Whitley Duplex Conversion Opportunity

    Located in South Whitley, this property presents a potential investment opportunity. The four-bedroom, two-bath home offers a house-hacking opportunity with the potential for conversion into a duplex. The spacious foyer includes a freshly painted wooden staircase and a side exterior door that connects directly to the staircase, allowing for separate access if converted, with outdoor stairs needing to be added. The layout allows for a possible one-bedroom upper unit and a two-bedroom lower unit if the existing dining room is closed off. The main level features a sizable living room, primary suite, and an open flow into the kitchen with an adjacent laundry and utility room. The utility room already has exterior access, allowing for shared use between units, with the option for the lower unit to secure interior access. Upstairs previously had a second kitchen that could be converted back. Additional features include covered and screened porches, a two-car carport, exterior storage, and additional street parking. Recent updates include remodeled kitchen and baths. Original hardwood floors are present upstairs. Appliances are included and sold as-is. The property is sold as-is. The town is expected to be putting in new off-street parking, a public sidewalk, and a curb with a project start date in June 2026. Trash, water/sewer, and electric are all included in the annual sewer/water expense. The property is situated on a 0.2-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Daycare Center Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Whitley
    County
    Whitley
    State
    Indiana
    Longitude
    -85.629623
    Latitude
    41.084851

    Nearby Similar for Sale

    • $110,000
      1,260 SF

      Remodeled Retail Building in Downtown

      Charming, updated commercial building in South Whitley's heart.
      110 S State St, South Whitley, IN 46787
      View Details
    • $225,000
      0.11 Acres

      Restaurant and Home Combo

      Restaurant and residential property package in South Whitley, Indiana.
      101 N State St, South Whitley, IN 46787
      View Details

    FAQs

    What type of property is this?
    Duplex - Four-bedroom South Whitley home with duplex conversion potential.
    Where is this duplex located?
    The property is located at 103 S Main St South Whitley, IN.
    What is the asking price?
    The asking price for this property is $144,900.
    What are key features of this property?
    This property features: - House-hacking opportunity: convert to a duplex with a potential 1-bedroom upper unit and 2-bedroom lower unit.; - Enjoy remodeled kitchen and baths.; - Spacious foyer with separate exterior access to the upstairs makes duplex conversion easier.
    (260) 229-8119
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    103 S Main St South Whitley, IN 46787
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    103 S Main St South Whitley, IN 46787
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    We can help!
    Listing Contact
    Jessica White
    Real Estate License ID: RB22000162
    (260) 229-8119 (260) 244-0009
    Learn more
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