818 Iowa St · Indianapolis city (balance), IN 46203

$175,000

4 bd · 1.0 ba · 2,234 sqft · SingleFamily public records · 5 Days on market

Built 1890 5,140 sqft lot $78/sqft · 53% below area

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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 +27.7/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• 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 MLS

A GREAT OLDER HOME. PER PREV BLC NEW ROOF, 2004, NEW FURNACE AND HOT WATER HEATER IN LAST 2 YEARS, WOOD DECK ON BACK. POSSIBILITIES WITH UPPER STORY.

Key facts

• 5,140 sq ft lot
• 2 garage spots
• Built 1890

Property features AI

Finance

• Other: Property listed as residential single-family; Lot size about 0.12 acre

Exterior

• Parking: Detached 2-car garage (approximately 400 sq ft)
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One and one-half story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Full fencing; Outdoor storage

Interior

• Kitchen: Gas oven; Microwave; Refrigerator
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level; Bedroom dimensions include 16 x 15 (upper), 13 x 10 (main)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Cellar (basement)
• Laundry & utility: Washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 9.9% 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 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 (+2.9%/yr); 493 active listings in the ZIP; 40 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).
• This rent runs 44% of the median local income ($57k/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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $146k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1890 — 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: 1.21% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.96%
• DSCR: 1.58
• GRM: 6.9

CMA / ARV

• ARV (median comp): $364,228
• List price: $175,000
• Delta: -51.95%
• 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
818 Iowa St	0.00mi	3/1.0 (-1)	2,187 (-2%)	1mo	$146,000	$67	91
1602 Leonard St	0.16mi	3/2.0 (-1)	2,288 (+2%)	0mo	$275,000	$120	79
826 E Minnesota St	0.07mi	3/3.0 (-1)	2,347 (+5%)	1mo	$450,000	$192	74
519 Lincoln St	0.21mi	3/2.0 (-1)	2,510 (+12%)	1mo	$323,500	$129	60
719 Terrace Ave	0.29mi	4/2.0	2,559 (+14%)	0mo	$279,900	$109	58
1415 Union St	0.71mi	4/2.5	2,177 (-3%)	1mo	$439,000	$202	56
1515 Olive St	0.43mi	3/2.5 (-1)	2,400 (+7%)	1mo	$464,000	$193	56
515 Orange St	0.42mi	3/2.5 (-1)	2,462 (+10%)	0mo	$310,000	$126	52
1417 Olive St	0.47mi	3/3.0 (-1)	2,050 (-8%)	0mo	$435,000	$212	51
325 Sanders St	0.58mi	3/2.5 (-1)	2,042 (-9%)	1mo	$359,000	$176	47
373 E Morris St	0.60mi	3/3.5 (-1)	2,478 (+11%)	1mo	$342,900	$138	38
29 E Palmer St	0.68mi	5/3.5 (+1)	2,520 (+13%)	0mo	$375,000	$149	32

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $5,091
• Equity at exit: $26,093

10-year hold

• IRR: 12.2%
• Equity multiple: 1.95×
• Total profit: $46,764
• Equity at exit: $15,131

Cash invested: $49,000 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,119 high
• Mortgage (P&I): −$918
• Tax from tax record: −$154 /mo · $1,849/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $529

Break-even live

Break-even rent $1,449

Max offer price $175,000

Occupancy floor 70%

Sensitivity live

Price	-10% $628	-5% $579	+0% $529	+5% $480	+10% $430
Rent	-10% $362	-5% $446	+0% $529	+5% $613	+10% $697
Rate	-1.0pp $617	-0.5pp $574	base $529	+0.5pp $484	+1.0pp $438

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.08mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.14mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.18mi
743 Cottage Ave Indianapolis, IN	5.0	2.0	2233	$1,995	$0.89	44d	1	0.24mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.26mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.27mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.29mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	24d	1	0.36mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	8d	1	0.42mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	11d	1	0.42mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	17d	1	0.42mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	5d	1	0.42mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.42mi
1205 Cottage Ave Unit 1372938P Indianapolis, IN	4.0	3.5	2680	$6,638	$2.48	44d	1	0.43mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	44d	1	0.44mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	0.45mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	4d	1	0.46mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	24d	1	0.46mi
406 Parkway Ave Indianapolis, IN	4.0	2.5	2481	$2,250	$0.91	24d	1	0.48mi
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.49mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.52mi
1409 Linden St Unit 1028898P Indianapolis, IN	5.0	6.0	2895	$14,651	$5.06	24d	1	0.56mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	21d	1	0.61mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	8d	1	0.63mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.63mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	24d	1	0.74mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	15d	1	0.78mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.91mi
1399 Hoefgen St Indianapolis, IN	5.0	3.0	2122	$2,100	$0.99	2d	1	0.96mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	24d	1	0.96mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	44d	1	0.97mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	18d	1	1.06mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	24d	1	1.06mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	24d	1	1.07mi
1548 Lexington Ave Indianapolis, IN	4.0	3.0	2224	$2,250	$1.01	3d	1	1.08mi
1020 S Randolph St Indianapolis, IN	3.0	1.5	1550	$1,650	$1.06	24d	1	1.10mi
1153 Villa Ave Indianapolis, IN	4.0	2.0	2880	$2,100	$0.73	24d	1	1.11mi
1230 Harlan St Indianapolis, IN	3.0	3.5	2167	$2,600	$1.20	2d	1	1.11mi
1643 Fletcher Ave Indianapolis, IN	3.0	2.0	2019	$2,249	$1.11	24d	1	1.20mi
1628 Cruft St Indianapolis, IN	3.0	2.0	1992	$1,495	$0.75	44d	1	1.23mi

Listing history 9 events

1. 2026-05-05
   status Pending 285-char remark
2. 2026-05-04
   price $175,000 285-char remark
3. 2026-04-30
   listed $200,000 Active 285-char remark
4. 2008-07-29
   soldstatus $20,000 149-char remark

   Show marketing remark (149 chars)

   A GREAT OLDER HOME. PER PREV BLC NEW ROOF, 2004, NEW FURNACE AND HOT WATER HEATER IN LAST 2 YEARS, WOOD DECK ON BACK. POSSIBILITIES WITH UPPER STORY.

5. 2008-05-06
   listed $24,900 149-char remark

   Show marketing remark (149 chars)

   A GREAT OLDER HOME. PER PREV BLC NEW ROOF, 2004, NEW FURNACE AND HOT WATER HEATER IN LAST 2 YEARS, WOOD DECK ON BACK. POSSIBILITIES WITH UPPER STORY.

6. 2006-05-01
   soldstatus $75,000

   Show marketing remark (266 chars)

   LOVELY OLDER HOME IN EXCELLENT CONDITION & NICELY UPDATED. NEW ROOF 04. NEW FURNACE AND HOT WATER HEATER IN LAST 6 MONTHS. LARGE COVERED FRONT PORCH & NEW WOOD DECK ON BACK. LARGE UNFINISHED ROOM ON UPPER LEVEL COULD BE FINISHED TO MAKE 4TH BEDROOM OR SUITE.

7. 2006-01-30
   listed $71,900

   Show marketing remark (266 chars)

   LOVELY OLDER HOME IN EXCELLENT CONDITION & NICELY UPDATED. NEW ROOF 04. NEW FURNACE AND HOT WATER HEATER IN LAST 6 MONTHS. LARGE COVERED FRONT PORCH & NEW WOOD DECK ON BACK. LARGE UNFINISHED ROOM ON UPPER LEVEL COULD BE FINISHED TO MAKE 4TH BEDROOM OR SUITE.

8. 2004-08-10
   historical
9. 2004-05-10
   listed $74,900

ⓘ 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: $1,849 · $154/mo
• Projected year-2 tax: $1,849 · $154/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,428
• − Mortgage interest: −$9,803
• − Property taxes: −$1,849
• − Insurance: −$875
• − Repairs & maintenance: −$2,034
• − Management: −$2,034
• − Depreciation: −$5,091
• Taxable income: $3,742
• Est. tax owed @ 24.0%: −$898
• After-tax cash flow: $5,454/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

+94.9% since first listed

10 events — show timeline

• 2026-05-26 Sold (MLS) $146,000 MIBOR as Distributed by MLS Grid
• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2008-07-29 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2008-05-06 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2006-05-01 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2006-01-30 Listed $71,900 MIBOR as Distributed by MLS Grid
• 2004-08-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-05-10 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+18.0%/yr

Latest (2025): $1,849 · -1.9% YoY. Source: county tax records.