Project Spotlight: Gladstone – From First Acquisition to Foundation of Growth

Gladstone was Steele Ventures’ first acquisition, and while it began as a simple entry into value-add real estate investing, it quickly evolved into a cornerstone of our portfolio and strategic approach.

This project challenged us, refined our systems, and ultimately reinforced our commitment to quality, tenant-first housing. While we encountered initial capital expenditures that exceeded projections—primarily due to unforeseen deferred maintenance—our agile project management allowed us to pivot and deliver a high-quality, stabilized asset with strong long-term upside.

Project Overview

  • Property Type: Single-family residential

  • Acquisition Method: Off-market purchase

  • Strategy: Buy, renovate, rent, and refinance (BRRRR)

  • Location: Indianapolis, IN

Investment Highlights

  • Acquisition Price: $155,000

  • Renovation Budget: $5,000

  • ARV (After Repair Value): $170,000

  • LTV (Loan-to-Value at Refi): 75%

  • CoC Return (Year 1): X.X%

  • Stabilized Rent: $2,050 month

  • Appreciation to Date: 9.17%

We successfully refinanced at a conservative LTV, extracting equity to fund future acquisitions without compromising the asset’s performance or our tenant experience. Since stabilization, Gladstone has delivered steady cash flow, low turnover, and zero major maintenance events—validating our initial peer’s forecast that this would become one of our easiest long-term assets to manage.

Why This Matters for Lenders

Steele Ventures is committed to:

  • Conservative underwriting

  • Responsible leverage

  • Tenant-first, community-driven renovation strategy

  • Long-term hold periods for asset stability and predictable returns

Our ability to course-correct, preserve capital, and improve performance mid-project demonstrates our operational resilience and ability to protect lender interests while delivering results.

Conclusion:
Gladstone is more than a first project—it’s a symbol of our discipline, adaptability, and long-view investment philosophy. We don’t just flip houses. We build equity, trust, and neighborhoods. As we scale our portfolio, we seek to partner with lenders who value reliable execution, data-informed decision making, and strategic growth in the Indianapolis real estate market.

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