3038 Meredith Ave · Indianapolis city (balance), IN 46201

$250,000

2 bd · 4.0 ba · 700 sqft · MultiFamily public records · 8 Days on market

Built 1910 5,271 sqft lot Est $215k · 16% over

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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).

• Cash flow +16.9/30.0
• DSCR +5.3/10.0
• Rent growth +4.3/5.0
• 1% rule +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

1% rule or better possible!! Also great for house hacking. Live in one side and rent the other. Make someone else pay your mortgage :-) Fully Renovated Duplex Investment Opportunity! This beautifully renovated duplex features two identical units, each offering 2 bedrooms and 1 bathroom. The property has been completely redone from top to bottom, with extensive updates throughout both the interior and exterior making this a perfect move-in-ready opportunity for investors or owner-occupants alike. Don't miss the chance to own a turnkey duplex with modern finishes and major improvements already completed. DOUBLE LOT TO THE EAST IS FOR SALE FOR 40K IF INTERESTED AS WELL.

Key facts

• Renovated duplex
• Turnkey duplex
• Modern finishes

Tags

• RENOVATED DUPLEX
• TURNKEY DUPLEX
• MODERN FINISHES
• MAJOR IMPROVEMENTS

Property features AI

Finance

• Other: Current use: Residential; Possible use: Residential; Property condition: Updated/Remodeled; Lot features include asphalt road access
• Financial info: Two-unit property; Reported gross income: 0; Reported expenses: 0

Exterior

• Parking: On-street parking
• Security: Security system
• Utilities: Municipal storm connected; Solid waste: not provided
• Home design: Duplex (residential income property); One story units; Crawl space foundation
• Construction: Vinyl siding with stone accents; Crawl space foundation
• Exterior features: No fence; Curbs and sidewalks; Mature trees

Interior

• Kitchen: 8x8 kitchens in each unit; Eat-in kitchen layout
• Bedrooms: Two 2-bedroom units
• Heating & cooling: Electric heating; No central air (other cooling noted)
• Interior features: Updated/remodeled units; Eat-in kitchens; Laundry connections in each unit; Security system
• Laundry & utility: Washer/dryer connections in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive. Per door: $83/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (12.9% below list).
• Recommended offer: $218k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 80% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,177/mo this rent would consume 53% of the median local household income ($49k/yr) (locally 1906% 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $217,700 (12.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.84%
• DSCR: 1.13
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $214,900
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 N Dearborn St	0.73mi	2/1.0	700 (0%)	18mo	$215,000	$307	39

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.71×
• Total profit: $-20,171
• Equity at exit: $37,276

10-year hold

• IRR: 6.5%
• Equity multiple: 1.57×
• Total profit: $39,921
• Equity at exit: $21,615

Cash invested: $70,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $2,177 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$139 /mo · $1,665/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $166

Break-even live

Break-even rent $1,967

Max offer price $250,000

Occupancy floor 87%

Sensitivity live

Price	-10% $307	-5% $237	+0% $166	+5% $95	+10% $24
Rent	-10% $-6	-5% $80	+0% $166	+5% $252	+10% $338
Rate	-1.0pp $292	-0.5pp $229	base $166	+0.5pp $101	+1.0pp $35

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,178
Total (2 units)			$2,177

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	9d	1	0.13mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	45d	1	0.28mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	12d	1	0.30mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	25d	1	0.60mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	25d	1	0.65mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	16d	1	0.75mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	45d	1	0.77mi
320 N Sherman Dr Unit A Indianapolis, IN	1.0	1.0	450	$525	$1.17	0d	1	0.78mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$699	$1.08	0d	1	0.80mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	23d	1	0.80mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	25d	1	0.85mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	0.88mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	0.88mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	25d	1	0.88mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	25d	1	0.92mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	45d	1	0.95mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	45d	1	0.99mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	45d	1	1.00mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	6d	1	1.08mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	6d	1	1.15mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	45d	1	1.17mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	25d	1	1.19mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	45d	1	1.20mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	25d	1	1.22mi
648 Dayton Ave Indianapolis, IN	1.0	1.0	450	$750	$1.67	16d	1	1.25mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	45d	1	1.25mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	9d	1	1.26mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	0d	1	1.26mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	0d	1	1.26mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	9d	1	1.26mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	23d	1	1.26mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	25d	1	1.28mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	6d	1	1.28mi
1329 E Market St Unit 8 Indianapolis, IN	1.0	1.0	480	$945	$1.97	23d	1	1.29mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	46d	1	1.31mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	25d	1	1.31mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	22d	1	1.31mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	45d	1	1.31mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	45d	1	1.33mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	45d	1	1.33mi

Listing history 8 events

1. 2026-06-18
   status $250,000 Pending 8 DOM
2. 2026-06-18
   days on market $250,000 Active 8 DOM
3. 2026-06-17
   days on market $250,000 Active 7 DOM
4. 2026-06-16
   days on market $250,000 Active 6 DOM
5. 2026-06-15
   days on market $250,000 Active 5 DOM
6. 2026-06-13
   days on market $250,000 Active 3 DOM
7. 2026-06-13
   remarks 676-char remark
8. 2026-06-13
   listed $250,000 Active 2 DOM

ⓘ 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: $1,665 · $139/mo
• Projected year-2 tax: $1,895 · $158/mo
• Expected delta: +$230/yr (+$19/mo · 13.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $26,124
• − Mortgage interest: −$14,004
• − Property taxes: −$1,665
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,090
• − Management: −$2,090
• − Depreciation: −$7,273
• Taxable loss: −$2,248
• Est. tax savings @ 24.0%: +$539
• After-tax cash flow: $2,530/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

1 event — show timeline

• 2026-06-10 Listed $250,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2025): $1,665 · +55.2% YoY. Source: county tax records.