734 S Drexel Ave · Indianapolis city (balance), IN 46203

$120,400

3 bd · 1.0 ba · 1,038 sqft · SingleFamily public records · 20 Days on market

Built 1961 0.36 ac lot Est $151k · 20% under

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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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.7/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This ranch-style home offers a comfortable layout and the kind of potential that's easy to appreciate. From the moment you arrive, you'll notice the simplicity of single-level living paired with a functional floor plan that makes everyday life easy. Whether you're searching for a starter home, downsizing opportunity, or investment property, this one is worth a closer look. Built in 1961, this home offers 1,038 square feet of living space with low-maintenance vinyl siding and metal windows. Inside, you'll find 3 bedrooms and 1 full bathroom, with a layout designed to make the most of the space. A 1-car detached garage adds extra storage and convenience, making this property a solid opportuni

Key facts

• 0.36 acre lot
• Garage
• Built 1961

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Approximately 0.36-acre lot

Interior

• Kitchen: Refrigerator; Electric oven
• Bedrooms: 3 bedrooms, all on the main level (sizes include 13x10, 11x10, 10x10)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Woodwork stained/painted
• Laundry & utility: Washer; Dryer; Main-level laundry (5x6)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $119k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 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 (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $832 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 + 2.9% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Recommended offer $118,594 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.17% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $150,510
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4425 Hoyt Ave	0.05mi	3/1.0	1,128 (+9%)	2mo	$160,000	$142	82
4514 Rowney St	0.63mi	3/1.0	1,043 (+0%)	3mo	$185,000	$177	68
729 Auvergne Ave	0.33mi	3/1.0	1,152 (+11%)	1mo	$149,900	$130	66
1214 S Grant Ave	0.59mi	3/1.0	971 (-6%)	1mo	$215,000	$221	61
3710 Hoyt Ave	0.61mi	3/1.0	960 (-8%)	1mo	$121,000	$126	58
4648 Brookville Rd	0.46mi	3/2.0	936 (-10%)	3mo	$189,900	$203	56
1423 S Grant Ave	0.68mi	3/1.0	1,104 (+6%)	3mo	$159,900	$145	55
1159 S Bradley Ave	0.64mi	3/1.0	936 (-10%)	1mo	$86,000	$92	53
4307 Terrace Ave	0.62mi	3/1.0	936 (-10%)	3mo	$150,000	$160	52
4624 Terrace Ave	0.51mi	2/2.0 (-1)	1,130 (+9%)	2mo	$108,990	$96	51
1400 Temperance Ave	0.57mi	3/1.0	1,176 (+13%)	1mo	$190,000	$162	50
3847 Hoyt Ave	0.45mi	2/1.0 (-1)	912 (-12%)	6mo	$75,000	$82	48

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.13×
• Total profit: $4,546
• Equity at exit: $17,952

10-year hold

• IRR: 12.9%
• Equity multiple: 2.02×
• Total profit: $34,342
• Equity at exit: $10,410

Cash invested: $33,712 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,406 high
• Mortgage (P&I): −$631
• Tax from tax record: −$48 /mo · $576/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $381

Break-even live

Break-even rent $923

Max offer price $120,400

Occupancy floor 68%

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: $30,100
• Closing costs: $3,612
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
739 Temperance Ave Indianapolis, IN	3.0	1.0	1136	$1,350	$1.19	43d	1	0.00mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	43d	1	0.20mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	43d	1	0.22mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	43d	1	0.26mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	7d	1	0.40mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	43d	1	0.60mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	14d	1	0.60mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	14d	1	0.61mi
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	23d	1	0.61mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	43d	1	0.69mi
5015 Reeder St Indianapolis, IN	3.0	2.0	1482	$1,950	$1.32	43d	1	0.82mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	7d	1	0.90mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	23d	1	0.90mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	43d	1	0.92mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	44d	1	0.92mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	23d	1	0.93mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	44d	1	0.93mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	43d	1	0.93mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	23d	1	0.95mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	43d	1	1.04mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	7d	1	1.05mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	23d	1	1.06mi
5056 Emerton Pl Unit 5056 Indianapolis, IN	2.0	1.0	868	$1,245	$1.43	23d	1	1.09mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	23d	1	1.09mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	43d	1	1.12mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	4d	1	1.12mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	17d	1	1.12mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	23d	1	1.13mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	43d	1	1.14mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	2d	1	1.14mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	23d	1	1.15mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	43d	1	1.16mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	14d	1	1.19mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	43d	1	1.21mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	14d	1	1.22mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	43d	1	1.24mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	1.25mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	23d	1	1.25mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	1.25mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	23d	1	1.29mi

Listing history 13 events

1. 2026-06-18
   days on market $120,400 Active 20 DOM
2. 2026-06-17
   days on market $120,400 Active 19 DOM
3. 2026-06-16
   days on market $120,400 Active 18 DOM
4. 2026-06-15
   days on market $120,400 Active 17 DOM
5. 2026-06-13
   days on market $120,400 Active 15 DOM
6. 2026-06-13
   statusdays on market $120,400 Active 14 DOM
7. 2026-06-08
   statusdays on market $120,400 Pending 12 DOM
8. 2026-06-07
   days on market $120,400 Active 11 DOM
9. 2026-06-03
   days on market $120,400 Active 7 DOM
10. 2026-06-02
    days on market $120,400 Active 6 DOM
11. 2026-06-01
    days on market $120,400 Active 5 DOM
12. 2026-05-31
    days on market $120,400 Active 4 DOM
13. 2026-05-27
    listed $120,400 Active

ⓘ 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: $576 · $48/mo
• Projected year-2 tax: $799 · $67/mo
• Expected delta: +$224/yr (+$19/mo · 38.9%)

ⓘ 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 ≥102°F today · 18 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: $16,869
• − Mortgage interest: −$6,744
• − Property taxes: −$576
• − Insurance: −$602
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − Depreciation: −$3,503
• Taxable income: $2,745
• Est. tax owed @ 24.0%: −$659
• After-tax cash flow: $3,913/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

• 2026-05-27 Listed $120,400 MIBOR as Distributed by MLS Grid

Property tax history

+23.0%/yr

Latest (2025): $576 · +2.0% YoY. Source: county tax records.