407 Wooster Road, Winona Lake, IN 46590
Local realty services provided by:ERA First Advantage Realty, Inc.
Listed by: james bauschCell: 574-742-4531
Office: re/max results
MLS#:202643295
Source:Indiana Regional MLS
Price summary
- Price:$325,000
- Price per sq. ft.:$73.3
About this home
Investment Opportunity! Location, Location, Location! Grace College is directly across the street, making this an attractive rental location. The Village at Winona is just a short walk away, offering restaurants, shopping, and entertainment. Tenants can also enjoy easy access to the area's popular biking and walking trails at the edge of campus. Previously owner-occupied with the additional units rented out, this property provides the opportunity to live in one unit while your tenants help pay the mortgage! Whether you're looking to expand your investment portfolio or offset your own housing expenses, this property offers flexibility and room to increase revenue. Unit 1 is the spacious main residence, featuring beautiful hardwood flooring, 2 bedrooms, and 1.5 bathrooms. A generous living room showcases a feature fireplace and built-in bookshelves, while the large separate dining room provides plenty of space for entertaining. The kitchen offers abundant cabinetry for storage and organization. Upstairs, you'll find two generously sized bedrooms and a full bathroom. In the past, the dining room has also served as a third bedroom, offering additional flexibility. Unit 2 is located in the walkout lower level and features 1 bedroom and 1 bathroom. Unit 3, also located in the walkout lower level, enjoys peaceful views of the backyard and mature shade tree. This 1-bedroom, 1-bathroom unit features a charming eat-in kitchen with a pantry for extra storage. Unit 4 is situated above the garages and offers hardwood flooring, an open-concept living, dining, and kitchen area with 1 bedroom and 1 bathroom. Additional Income Potential! The spacious breezeway offers the possibility of adding coin-operated laundry machines for tenants, while two garage bays could potentially be rented separately for additional storage income. Units 1 and 2 are currently vacant, providing an opportunity for immediate occupancy or securing new tenants. All four units have historically been rented below market value, creating potential for increased rental income. Tenants currently pay their own electricity, while the landlord covers the remaining utilities. Future leases could potentially incorporate utility bill-backs to help offset operating expenses. Four units, multiple income opportunities, and an unbeatable location near Grace College and Winona Lake amenities! Live in one and rent the others, or maximize the property's potential as a fully leased investment....
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Home facts
- Year built:1948
- Subdivision & Development:Farmstead
- Listing ID #:202643295
- Added:2 day(s) ago
- Updated:October 22, 2026 at 03:11 PM
Rooms and interior
- Bedrooms:5
- Total bathrooms:5
- Full bathrooms:4
- Flooring:Carpet, Finished, Wood
- Kitchen Description:Eat-In Kitchen
- Basement Description:Full Basement, Partially Finished
- Living area:4,047 sq. ft.
Heating and cooling
- Cooling:Central Air, Window
- Heating:Forced Air, Gas
- Central air:Yes
Structure and exterior
- Roof:Asphalt
- Year built:1948
- Building area:4,047 sq. ft.
- Lot area:0.29 Acres
- Architectural Style:Two Story
- Construction Materials:Stone
- Levels:2 Stories
Schools
- High school:Warsaw
- Middle school:Edgewood
- Elementary school:Jefferson
Utilities
- Water:City
- Sewer:City
Finances and disclosures
- Price:$325,000
- Price per sq. ft.:$73.3
- Tax amount:$980
Features and amenities
- Laundry features:Washer Hook-Up
- Amenities:Built-In Bookcase, Ceiling Fan
Parking
- Garage spaces:1
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