3724 E Market St · Indianapolis city (balance), IN 46201

$119,000

3 bd · 1.0 ba · 1,171 sqft · SingleFamily public records · 57 Days on market

Built 1911 5,663 sqft lot $102/sqft · 39% above area Est $150k · 21% under

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Why this score? — see what drove the C+ 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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.8/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

Key facts

• Water heater
• New roof
• Conveniently located

Tags

• NEW ROOF
• WATER HEATER
• PARTIAL SEWER REPLACEMENT
• NEW HVAC SYSTEM
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 C — 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 fast (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k 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 + 7.3% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 13y 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 $100k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.07%
• DSCR: 1.36
• GRM: 7.7

CMA / ARV

• ARV (median comp): $149,960
• List price: $119,000
• Delta: -20.65%
• 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
318 N Kealing Ave	0.12mi	2/1.0 (-1)	1,113 (-5%)	3mo	$152,000	$137	79
317 N Bradley Ave	0.15mi	3/1.5	1,100 (-6%)	8mo	$95,000	$86	74
3526 E Vermont St	0.22mi	2/1.0 (-1)	1,152 (-2%)	10mo	$61,000	$53	74
714 N Grant Ave	0.48mi	2/1.0 (-1)	1,087 (-7%)	2mo	$54,000	$50	60
712 N Linwood Ave	0.65mi	3/1.0	1,068 (-9%)	2mo	$115,000	$108	53
3037 Newton Ave	0.70mi	3/1.0	1,074 (-8%)	2mo	$156,000	$145	52
315 S Dearborn St	0.70mi	3/1.0	1,232 (+5%)	9mo	$159,000	$129	51
801 N Denny St	0.48mi	2/1.0 (-1)	1,265 (+8%)	10mo	$93,000	$74	51
3780 E Pleasant Run Parkway North Dr	0.57mi	3/1.0	1,026 (-12%)	3mo	$136,000	$133	50
729 N Euclid Ave	0.64mi	2/1.0 (-1)	1,067 (-9%)	2mo	$152,000	$142	49
718 N Linwood Ave	0.66mi	4/2.0 (+1)	1,249 (+7%)	1mo	$85,000	$68	49
2909 E Michigan St	0.64mi	2/2.0 (-1)	1,260 (+8%)	11mo	$215,000	$171	40

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: 0.6%
• Equity multiple: 1.02×
• Total profit: $825
• Equity at exit: $17,743

10-year hold

• IRR: 14.1%
• Equity multiple: 2.36×
• Total profit: $45,269
• Equity at exit: $10,289

Cash invested: $33,320 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,289 high
• Mortgage (P&I): −$624
• Tax from tax record: −$121 /mo · $1,447/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $224

Break-even live

Break-even rent $1,005

Max offer price $119,000

Occupancy floor 78%

Sensitivity live

Price	-10% $291	-5% $258	+0% $224	+5% $190	+10% $157
Rent	-10% $122	-5% $173	+0% $224	+5% $275	+10% $326
Rate	-1.0pp $284	-0.5pp $254	base $224	+0.5pp $193	+1.0pp $162

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.08mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	45d	1	0.10mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	45d	1	0.11mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	25d	1	0.18mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	25d	1	0.19mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	25d	1	0.21mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	45d	1	0.24mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	25d	1	0.29mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	45d	1	0.31mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	45d	1	0.33mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	0.34mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	45d	1	0.36mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.40mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	8d	1	0.46mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	45d	1	0.46mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	25d	1	0.47mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.47mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	45d	1	0.49mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	45d	1	0.50mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	45d	1	0.51mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	45d	1	0.53mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	45d	1	0.55mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	19d	1	0.57mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	45d	1	0.63mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	0.63mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	45d	1	0.64mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	45d	1	0.64mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	25d	1	0.64mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	45d	1	0.65mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	16d	1	0.65mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	3d	1	0.67mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	25d	1	0.69mi
4417 Linwood Ct Indianapolis, IN	2.0	1.0	780	$929	$1.19	4d	15	0.71mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	25d	1	0.72mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	25d	1	0.73mi
2814 E Michigan St Unit D Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	45d	1	0.74mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	45d	1	0.74mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	45d	1	0.75mi
2810 E Michigan St Unit C Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	45d	1	0.75mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.76mi

Listing history 37 events

1. 2026-06-21
   days on market $119,000 Active 57 DOM
2. 2026-06-18
   days on market $119,000 Active 54 DOM
3. 2026-06-17
   pricedays on market $119,000 Active 53 DOM
4. 2026-06-16
   days on market $120,000 Active 52 DOM
5. 2026-06-15
   days on market $120,000 Active 51 DOM
6. 2026-06-13
   days on market $120,000 Active 49 DOM
7. 2026-06-13
   days on market $120,000 Active 48 DOM
8. 2026-06-09
   days on market $120,000 Active 45 DOM
9. 2026-06-08
   days on market $120,000 Active 44 DOM
10. 2026-06-07
    days on market $120,000 Active 43 DOM
11. 2026-06-03
    days on market $120,000 Active 39 DOM
12. 2026-06-02
    days on market $120,000 Active 38 DOM
13. 2026-06-01
    days on market $120,000 Active 37 DOM
14. 2026-05-31
    days on market $120,000 Active 36 DOM
15. 2026-05-11
    status Active
16. 2026-05-03
    status Pending
17. 2026-05-02
    historical
18. 2026-04-21
    status Active
19. 2026-04-21
    price $110,000
20. 2026-04-08
    status Pending
21. 2026-03-26
    status Active
22. 2026-03-17
    status Pending
23. 2026-03-12
    listed $125,000 Active
24. 2021-03-19
    soldstatus $100,000 Closed 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

25. 2021-01-15
    status Pending 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

26. 2021-01-11
    status Active 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

27. 2020-12-29
    status Pending 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

28. 2020-12-22
    status Active 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

29. 2020-12-08
    status Pending 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

30. 2020-12-05
    price $97,000 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

31. 2020-11-02
    listed $100,000 Active 288-char remark

    Show marketing remark (288 chars)

    Recently renovated 2 bedroom, 1 bathroom all brick bungalow minutes from downtown Indy! This home features a brand new roof with new soffits & gutters, new flooring & fresh paint throughout, beautiful modern bathroom, window bay seat in dining room & tons of natural lighting!

32. 2020-05-20
    soldstatus $25,000 Sold
33. 2020-05-05
    status Pending
34. 2020-05-02
    listed $31,900 Active
35. 2013-08-16
    historical
36. 2013-08-14
    soldstatus $7,900
37. 2013-04-07
    listed $7,900

ⓘ 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: $1,447 · $121/mo
• Projected year-2 tax: $1,447 · $121/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 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: $15,469
• − Mortgage interest: −$6,666
• − Property taxes: −$1,447
• − Insurance: −$595
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$3,462
• Taxable income: $824
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $2,492/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

+1292.4% since first listed

23 events — show timeline

• 2026-05-11 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2026-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-26 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-12 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2021-03-19 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2021-01-15 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-11 Relisted — MIBOR as Distributed by MLS Grid
• 2020-12-29 Pending — MIBOR as Distributed by MLS Grid
• 2020-12-22 Relisted — MIBOR as Distributed by MLS Grid
• 2020-12-08 Pending — MIBOR as Distributed by MLS Grid
• 2020-12-05 Price Changed $97,000 MIBOR as Distributed by MLS Grid
• 2020-11-02 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2020-05-20 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2020-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-02 Listed $31,900 MIBOR as Distributed by MLS Grid
• 2013-08-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-08-14 Sold (MLS) $7,900 MIBOR as Distributed by MLS Grid
• 2013-04-07 Listed $7,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,447 · -12.3% YoY. Source: county tax records.