302 S Harris Ave · Indianapolis city (balance), IN 46222

$99,000

2 bd · 3.0 ba · 1,072 sqft · MultiFamily public records · 7 Days on market

Built 1915 5,271 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 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

Situated at 302 S Harris AVE in INDIANAPOLIS, IN, USA, this duplex holds immense promise, offering a great investment opportunity and extending a compelling invitation to both handy homeowners and astute investors. The inviting porch extends a welcoming embrace, providing a charming space perfect for enjoying quiet evenings. Spanning a generous 2144 square feet of living area across its 2.0 stories, this property, built in 1915, offers alley access, corner lot, and rear parking. As a duplex with 2 bedrooms per side, this property inherently offers versatility, making it a truly great investment property for those seeking income potential or considering living in one side. Great potential an

Key facts

• Alley access
• Rear parking
• Inviting porch

Tags

• INVITING PORCH
• ALLEY ACCESS
• CORNER LOT
• REAR PARKING
• VERSATILITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $552/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Cap rate 19.7% 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 B — 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.
• Market conditions: Rents rising (+2.5%/yr); 173 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,264/mo this rent would consume 53% of the median local household income ($51k/yr) (locally 1750% 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 $684 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,000

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 1915 — 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. 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.
6. 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.
7. 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: 2.29% ✓
• Cap rate: 19.68%
• Cash-on-cash: 47.81%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $201,536
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
257 N Addison St	0.58mi	1/2.0 (-1)	1,000 (-7%)	2mo	$68,000	$68	51
330 S Addison St	0.19mi	3/2.0 (+1)	1,232 (+15%)	9mo	$232,000	$188	50

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 44.6%
• Equity multiple: 2.92×
• Total profit: $53,108
• Equity at exit: $14,761

10-year hold

• IRR: 50.3%
• Equity multiple: 5.76×
• Total profit: $131,991
• Equity at exit: $8,560

Cash invested: $27,720 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 173
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,264 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $1,104

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,173	-5% $1,139	+0% $1,104	+5% $1,070	+10% $1,036
Rent	-10% $926	-5% $1,015	+0% $1,104	+5% $1,194	+10% $1,283
Rate	-1.0pp $1,154	-0.5pp $1,130	base $1,104	+0.5pp $1,079	+1.0pp $1,053

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,264
Total (2 units)			$2,264

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	17d	1	0.42mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	21d	5	0.50mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.54mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	11d	1	0.55mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	0.79mi
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	0.91mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	44d	1	1.08mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	24d	1	1.10mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	21d	1	1.13mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	1.14mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	4d	1	1.17mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	24d	1	1.17mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	1.22mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	4d	14	1.29mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	4d	1	1.29mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	24d	1	1.30mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	44d	1	1.30mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	44d	1	1.30mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	24d	1	1.30mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	8d	1	1.38mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	1.41mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	1.43mi

Listing history 2 events

1. 2026-03-14
   status Pending
2. 2026-03-06
   listed $99,000 Active

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

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 ≥102°F today · 19 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: $27,168
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$2,173
• − Management: −$2,173
• − Depreciation: −$2,880
• Taxable income: $12,416
• Est. tax owed @ 24.0%: −$2,980
• After-tax cash flow: $10,273/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

2 events — show timeline

• 2026-03-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-06 Listed $99,000 MIBOR as Distributed by MLS Grid

Property tax history

+37.2%/yr

Latest (2025): $6,109 · +24.0% YoY. Source: county tax records.