There are renovated homes, and then there are reimagined homes. The Sage at Fountain Square — located at 1141 Dawson St, Indianapolis, IN 46203 — falls squarely in the second category. This fully transformed 1920 Craftsman is Mad River Homes' latest listing, offered at $310,000, and it represents exactly what thoughtful renovation can do for a historic Indianapolis property.
What makes The Sage stand out
The Sage offers something genuinely rare in Fountain Square: a main-level primary bedroom suite. At 16×15 feet, it's a spacious, private retreat that makes this home exceptionally functional for a wide range of buyers — from young professionals who want guest flexibility, to buyers who prefer main-floor living, to those planning ahead for multi-generational arrangements.
Upstairs, three additional bedrooms (14×13, 18×10, and a third) provide ample space for families or home office setups. With 2,834 square feet of living area, The Sage feels open and livable — not cramped or chopped up the way some older two-stories can.
Every major update — already done
Mad River Homes renovated this property from the inside out. The exterior received fresh new siding and a newer roof — two of the largest capital expenses a homeowner faces. Inside, the kitchen was completely rethought: brand-new stainless steel appliances including a gas cooktop, gas oven, built-in microwave, dishwasher, and garbage disposal are all included. A dedicated pantry adds practical storage the original layout lacked.
The laundry situation is equally thoughtful: a washer and dryer are included in-unit, eliminating shared laundry headaches common in older Fountain Square rentals and condos. Add a detached one-car garage, central air, and natural gas heat, and you have a home that's ready to live in on day one — with no immediate repair budget required.
Fountain Square: why location matters here
Fountain Square has become one of Indianapolis's most talked-about neighborhoods for good reason. Once a quiet pocket south of downtown, it's now a destination in its own right — filled with independent restaurants, craft breweries, live music venues, murals, and locally owned shops. The Murphy Arts Center anchors the cultural scene, while restaurants like Bluebeard, Pioneer, and Thunderbird pull diners from across the city.
For homebuyers, Fountain Square offers an increasingly rare combination: genuine neighborhood character, walkability, proximity to downtown, and homes that are still priced below the city's flashier ZIP codes. At $109 per square foot, The Sage offers significant value relative to comparable renovated inventory in Broad Ripple, Irvington, or the near-north side.
The Indianapolis Cultural Trail also makes Fountain Square more connected than it appears on a map — from the Dawson St area, you can bike to Mass Ave, the Canal, and downtown in under 15 minutes.
The numbers buyers care about
At $310,000 with $3,288 in annual taxes, The Sage is competitively positioned for what it offers. Buyers using conventional financing with 5–10% down are looking at monthly payments in the $1,800–$2,100 range depending on rate — comparable to renting a 2-bedroom apartment in many Indianapolis neighborhoods, with the added benefit of building equity in a historically appreciating zip code.
The 46203 zip code has seen consistent tax assessment increases over the past five years, reflecting the ongoing demand for Fountain Square real estate. Buyers who move quickly are likely to benefit from continued appreciation in this corridor.
Who this home is right for
The Sage is an excellent fit for first-time buyers ready to step into a fully finished home without renovation risk. It's equally appealing to move-up buyers who want more space and character than a new construction townhome can offer. Buyers relocating to Indianapolis for work — particularly those drawn to the near-downtown lifestyle — will find Fountain Square immediately livable and culturally rich.
The size and layout also make The Sage attractive to buyers considering house hacking — the 4-bedroom footprint, detached garage, and basement offer flexibility that smaller Fountain Square homes simply can't match at this price.
Tour The Sage today
The Sage at Fountain Square is now available and actively listed on MLS (#22105698). Mad River Homes is accepting showing requests now — tours are available at flexible times to accommodate buyers and their agents.