It is currently slightly under market rent at $2,250.

A SFR was built in 1947 and required renovation.The 2nd parcel, which is right next to it, is an vacant land, no address associated to it.My initial thoughts are:1.Purchase this property and rent the house after minimum required updates 2.

Great markets here in the midwest. 

We do want to get the appropriate permit but I am thinking that will take a lot more time and additional expenses to have it all in order and we need to be able to refinance it since we are purchasing cash (we are having a hard time with a lender which we initially wanted to do a rental 30 year loan, but not sure if there will denied due to this non permitted alterations to the house). 

Marketing is key and also leaving some meat on the bone for another investor helps sell it (unless it's fully turn key, which can be attractive for a 1031 exchange specifically). 

On the other hand, the tenant may be more likely to move to a different apartment since there are more options on the market and they could find a better fit.I think you can make an argument that it's actually better to have leases expire in "slower" or less desirable moving seasons like the fall and winter.

I bought it off market and it does not need a lot of work but trying to get the ARV value up.  

Lakewood is a very competitive market. 

Hello, looking to connect and build a relationship with a GC in the Indy market to help with our rehabs

They have allowed it since May of 2021 and its a booming part of the rental market.