407 Wooster Road

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.

Property details

Units

Location

Schools

• Grades K–6

  Jefferson Elementary School

  Public · Grades PK–6 · 541 students · 0.2 mi away

  As listed by the listing agent

  English (ILEARN)

  32.7% · Indiana 42%

  Math (ILEARN)

  35.7% · Indiana 42.7%

• Grades 7–8

  Edgewood Middle School

  Public · Grades 7–8 · 495 students · 2.5 mi away

  As listed by the listing agent

  English (ILEARN)

  44% · Indiana 42%

  Math (ILEARN)

  44.6% · Indiana 42.7%

• Grades 9–12

  Warsaw Community High School

  Public · Grades 9–12 · 1,993 students · 2.7 mi away

  The only school for these grades in Warsaw Community Schools

  Graduation rate

  96.4% · Indiana 91.8%

  SAT reading & writing

  53.4% · Indiana 51.9%

  SAT math

  27.3% · Indiana 25.6%