4645 Rookwood Ave · Indianapolis city (balance), IN 46208

$274,900

3 bd · 1.0 ba · 1,608 sqft · SingleFamily public records · 56 Days on market

Built 1925 6,011 sqft lot $171/sqft · 14% below area Est $350k · 21% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +11.5/30.0
• Rent growth +4.1/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

Key facts

• Upstairs area
• Plenty of parking
• Charming renovation

Tags

• CHARMING RENOVATION
• UPSTAIRS AREA
• PRIMARY BEDROOM
• PLENTY OF PARKING

Property features AI

Exterior

• Parking: Detached carport; Detached 1-car garage (approx. 240 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One and one-half stories; Property type: Residential; Lot under 1/4 acre (approx. 0.14 acre)
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Microwave with hood; Gas oven; Refrigerator; Eat-in kitchen layout
• Bedrooms: Two bedrooms total — one on the main level and one on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Covered porch
• Laundry & utility: Laundry connections in the unit

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-92 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (17.5% below list).
• Recommended offer: $227k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.4%/yr); 286 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,269/mo this rent would consume 45% of the median local household income ($60k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $235k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,867 (17.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• GRM: 10.1

CMA / ARV

• ARV (median comp): $349,980
• List price: $274,900
• Delta: -21.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 Berkley Rd	0.43mi	2/2.0 (-1)	1,680 (+4%)	2mo	$338,900	$202	62
530 W 41st St	0.69mi	3/2.5	1,618 (+1%)	3mo	$345,000	$213	58
4137 Rookwood Ave	0.63mi	2/1.0 (-1)	1,512 (-6%)	2mo	$270,000	$179	54
4125 Clarendon Rd	0.68mi	2/1.5 (-1)	1,681 (+4%)	4mo	$132,000	$79	50
4235 Rookwood Ave	0.52mi	2/1.5 (-1)	1,769 (+10%)	2mo	$130,000	$73	50
4130 Rookwood Ave	0.64mi	2/1.5 (-1)	1,752 (+9%)	2mo	$215,000	$123	46
5308 Boulevard Pl	0.57mi	3/2.0	1,816 (+13%)	3mo	$335,000	$184	46
637 Berkley Rd	0.46mi	3/1.0	1,848 (+15%)	13mo	$235,000	$127	43
401 W Westfield Blvd	0.60mi	2/1.0 (-1)	1,485 (-8%)	15mo	$330,000	$222	42
4070 Cornelius Ave	0.73mi	2/1.0 (-1)	1,560 (-3%)	18mo	$187,000	$120	41
4123 Graceland Ave	0.72mi	3/2.5	1,803 (+12%)	2mo	$375,000	$208	39
521 W 42nd St	0.62mi	3/2.0	1,491 (-7%)	21mo	$280,000	$188	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.45×
• Total profit: $-42,286
• Equity at exit: $40,988

10-year hold

• IRR: -1.4%
• Equity multiple: 0.89×
• Total profit: $-8,608
• Equity at exit: $23,768

Cash invested: $76,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46208

• Rents YoY: 6.4%
• Active inventory: 286
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,269 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$328 /mo · $3,938/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-92

Break-even live

Break-even rent $2,385

Max offer price $258,636

Occupancy floor 99%

Sensitivity live

Price	-10% $64	-5% $-14	+0% $-92	+5% $-170	+10% $-248
Rent	-10% $-271	-5% $-182	+0% $-92	+5% $-2	+10% $87
Rate	-1.0pp $46	-0.5pp $-22	base $-92	+0.5pp $-163	+1.0pp $-236

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4623 Rookwood Ave Indianapolis, IN	3.0	3.5	1792	$3,200	$1.79	18d	1	0.06mi
4631 Graceland Ave Indianapolis, IN	4.0	2.0	2019	$2,900	$1.44	5d	1	0.24mi
402 W 52nd St Indianapolis, IN	3.0	2.5	1328	$2,200	$1.66	16d	1	0.42mi
4930 N Illinois St Indianapolis, IN	3.0	1.0	1400	$2,195	$1.57	1d	1	0.42mi
528 W 43rd St Indianapolis, IN	4.0	2.0	2080	$2,750	$1.32	5d	1	0.48mi
206 W 43rd St Indianapolis, IN	3.0	2.5	1544	$2,500	$1.62	26d	1	0.54mi
731 W 43rd St Indianapolis, IN	4.0	4.0	1600	$3,350	$2.09	20d	1	0.58mi
4117 Byram Ave Indianapolis, IN	4.0	2.0	1540	$1,930	$1.25	46d	1	0.69mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	5d	1	0.81mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	16d	1	0.90mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	10d	1	1.01mi
525 E 52nd St Indianapolis, IN	3.0	1.5	1080	$1,600	$1.48	26d	1	1.03mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	26d	1	1.06mi
645 E 49th St Indianapolis, IN	3.0	1.0	1082	$1,750	$1.62	6d	1	1.09mi
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	46d	1	1.09mi
4704 N College Ave Indianapolis, IN	3.0	1.5	2049	$1,695	$0.83	1d	1	1.14mi
4704 N College Ave Indianapolis, IN	3.0	1.5	2049	$1,695	$0.83	16d	1	1.14mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	24d	1	1.21mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$2,022	$1.91	22d	35	1.23mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	46d	1	1.24mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	26d	1	1.31mi
4340 Guilford Ave Indianapolis, IN	2.0	1.0	1200	$1,400	$1.17	24d	1	1.35mi
5446 N College Ave Indianapolis, IN	2.0	1.5	1064	$1,800	$1.69	26d	1	1.35mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	10d	1	1.36mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	5d	1	1.38mi
4073 N College Ave Indianapolis, IN	2.0	2.5	2000	$2,500	$1.25	46d	1	1.40mi
4040 N College Ave Indianapolis, IN	3.0	1.5	1280	$1,900	$1.48	10d	1	1.40mi
4071 N College Ave Indianapolis, IN	2.0	2.5	2000	$2,200	$1.10	6d	1	1.40mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	46d	1	1.40mi
2135 Winthrop Ave Indianapolis, IN	1.0–3.0	1.0–2.0	926	$2,400	$2.59	10d	1	1.42mi
3542 Graceland Ave Indianapolis, IN	4.0	1.0	1114	$1,395	$1.25	1d	1	1.42mi

Listing history 25 events

1. 2026-06-22
   days on market $274,900 Active 56 DOM
2. 2026-06-21
   days on market $274,900 Active 55 DOM
3. 2026-06-18
   days on market $274,900 Active 52 DOM
4. 2026-06-17
   days on market $274,900 Active 51 DOM
5. 2026-06-16
   days on market $274,900 Active 50 DOM
6. 2026-06-15
   days on market $274,900 Active 49 DOM
7. 2026-06-13
   days on market $274,900 Active 47 DOM
8. 2026-06-13
   days on market $274,900 Active 46 DOM
9. 2026-06-09
   days on market $274,900 Active 43 DOM
10. 2026-06-08
    days on market $274,900 Active 42 DOM
11. 2026-06-07
    days on market $274,900 Active 41 DOM
12. 2026-06-03
    pricedays on market $274,900 Active 37 DOM
13. 2026-06-02
    days on market $279,900 Active 36 DOM
14. 2026-06-01
    days on market $279,900 Active 35 DOM
15. 2026-05-31
    days on market $279,900 Active 34 DOM
16. 2026-04-27
    listed $279,900 Active 536-char remark
17. 2026-04-02
    historical
18. 2026-02-19
    listed $330,000 Active
19. 2023-11-17
    soldstatus $235,000 Closed

    Show marketing remark (785 chars)

    Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

20. 2023-11-06
    status Pending

    Show marketing remark (785 chars)

    Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

21. 2023-11-02
    status Active

    Show marketing remark (785 chars)

    Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

22. 2023-10-19
    historical

    Show marketing remark (785 chars)

    Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

23. 2023-10-18
    listed $235,000

    Show marketing remark (785 chars)

    Discover the blend of classic charm and modern convenience in this inviting bungalow just steps from Butler University. This 3-bedroom/ 1-bath home, located in the sought-after Butler Tarkington neighborhood, offers an ideal investment opportunity or a cozy personal residence. Inside, you'll find a warm atmosphere, accentuated rich hardwoods that grace the floors. The thoughtful layout includes a well-equipped kitchen and comfortable living spaces. Convenience meets privacy with the alley entrance behind the home, ensuring easy access and adding a touch of seclusion. Whether you're envisioning a smart investment venture or dreaming of your own home, this property is your canvas. Don't miss the chance to make this charming residence your own in this highly desirable location!

24. 2003-04-28
    soldstatus $97,850
25. 2003-03-25
    listed $97,850

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $3,938 · $328/mo
• Projected year-2 tax: $3,938 · $328/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,224
• − Mortgage interest: −$15,399
• − Property taxes: −$3,938
• − Insurance: −$1,374
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$7,997
• Taxable loss: −$5,840
• Est. tax savings @ 24.0%: +$1,402
• After-tax cash flow: $297/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+180.9% since first listed

11 events — show timeline

• 2026-06-02 Price Changed $274,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $279,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-19 Listed $330,000 MIBOR as Distributed by MLS Grid
• 2023-11-17 Sold (MLS) $235,000 MIBOR as Distributed by MLS Grid
• 2023-11-06 Pending — MIBOR as Distributed by MLS Grid
• 2023-11-02 Relisted — MIBOR as Distributed by MLS Grid
• 2023-10-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-10-18 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2003-04-28 Sold (MLS) $97,850 MIBOR as Distributed by MLS Grid
• 2003-03-25 Listed $97,850 MIBOR as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $3,938 · +2.2% YoY. Source: county tax records.