2633 N Layman Ave · Indianapolis city (balance), IN 46218

$54,900

2 bd · 1.0 ba · 888 sqft · SingleFamily public records · 110 Days on market

Built 1925 0.31 ac lot $62/sqft · 57% below area

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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 +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tremendous upside in this Ranch-style home in Warren Township. Tucked away in a secluded neighborhood but with easy access to schools, shopping, interstate/transportation. Large lot with ample space to add on, build garage or outbuildings. Partially fenced yard with storage shed and room for more. Start off your next project with a blank slate. Will need repairs and updates. Huge potential upside. This is a must see!

Key facts

• Large lot
• Ranch-style home
• Storage shed

Tags

• RANCH-STYLE HOME
• SECLUDED NEIGHBORHOOD
• EASY ACCESS TO SCHOOLS
• LARGE LOT
• PARTIALLY FENCED YARD
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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 flat; 334 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); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($38k/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 $380 of loan paydown is wiped out by about $2k 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 + 0.8% rent growth), your $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $21k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $55k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,959 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.88% ✓
• Cap rate: 14.23%
• Cash-on-cash: 28.36%
• DSCR: 2.26
• GRM: 4.4

CMA / ARV

• ARV (median comp): $128,461
• List price: $54,900
• Delta: -57.26%
• 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
2540 Kristen Dr	0.26mi	2/1.0	912 (+3%)	9mo	$135,000	$148	76
3011 N Bolton Ave	0.46mi	2/1.0	876 (-1%)	1mo	$98,000	$112	75
2937 Kristen Dr E	0.26mi	3/1.0 (+1)	936 (+5%)	2mo	$185,000	$198	73
2428 N Arlington Ave	0.52mi	2/1.0	846 (-5%)	1mo	$104,200	$123	67
5555 E 23rd St	0.48mi	2/1.0	912 (+3%)	10mo	$170,000	$186	65
6002 E 24th St	0.59mi	3/1.0 (+1)	936 (+5%)	1mo	$155,000	$166	58
3141 N Bolton Ave	0.60mi	2/1.0	800 (-10%)	1mo	$165,900	$207	54
2422 N Arlington Ave	0.53mi	3/1.0 (+1)	816 (-8%)	5mo	$110,000	$135	53
5603 E 22nd St	0.61mi	2/1.0	1,016 (+14%)	2mo	$170,000	$167	46
5776 E 33rd St	0.72mi	3/1.0 (+1)	816 (-8%)	6mo	$83,000	$102	43
6150 E 25th St	0.67mi	3/1.0 (+1)	960 (+8%)	10mo	$155,000	$161	42
2219 N Webster Ave	0.74mi	3/1.0 (+1)	816 (-8%)	8mo	$153,000	$188	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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 1.79×
• Total profit: $12,078
• Equity at exit: $8,186

10-year hold

• IRR: 26.5%
• Equity multiple: 3.07×
• Total profit: $31,825
• Equity at exit: $4,747

Cash invested: $15,372 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,030 high
• Mortgage (P&I): −$288
• Tax from tax record: −$140 /mo · $1,678/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $363

Break-even live

Break-even rent $570

Max offer price $54,900

Occupancy floor 60%

Sensitivity live

Price	-10% $394	-5% $379	+0% $363	+5% $348	+10% $332
Rent	-10% $282	-5% $323	+0% $363	+5% $404	+10% $445
Rate	-1.0pp $391	-0.5pp $377	base $363	+0.5pp $349	+1.0pp $335

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2404 N Lesley Ave Indianapolis, IN	2.0	1.0	763	$850	$1.11	44d	1	0.40mi
2308 N Ritter Ave Apt 24 Indianapolis, IN	2.0	1.0	725	$825	$1.14	21d	1	0.48mi
2304 N Ritter Ave Apt 9 Indianapolis, IN	2.0	1.0	725	$799	$1.10	21d	1	0.50mi
2302 N Ritter Ave Indianapolis, IN	2.0	1.0	725	$788	$1.09	8d	2	0.50mi
2419 N Bolton Ave Indianapolis, IN	2.0	1.0	768	$950	$1.24	8d	1	0.50mi
2312 N Ritter Ave Apt 31 Indianapolis, IN	2.0	1.0	725	$825	$1.14	22d	1	0.51mi
5923 E 24th St Indianapolis, IN	2.0	1.0	816	$950	$1.16	18d	1	0.53mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	0.75mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	642	$886	$1.38	3d	9	0.81mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	22d	11	0.81mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	0.83mi
6120 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$750	$0.87	44d	1	0.86mi
6136 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$799	$0.92	21d	1	0.86mi
6267 E 24th St Indianapolis, IN	3.0	1.0	981	$1,195	$1.22	2d	1	0.89mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	24d	1	0.89mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	8d	1	0.90mi
6154 Commodore Dr Indianapolis, IN	2.0	1.0	900	$950	$1.06	24d	1	0.91mi
6149 Commodore Dr Indianapolis, IN	2.0	1.0	816	$850	$1.04	24d	1	0.91mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	0.94mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	0.94mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	44d	1	0.94mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	44d	1	0.96mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	14d	1	0.97mi
2226 N Kenyon St Indianapolis, IN	2.0	1.0	816	$850	$1.04	24d	1	0.97mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	5d	1	1.01mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	1.05mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	24d	1	1.08mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	8d	1	1.11mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	1.14mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	4d	1	1.18mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	24d	1	1.20mi
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	44d	1	1.21mi
4726 E 34th St Indianapolis, IN	1.0	1.0	643	$800	$1.24	24d	1	1.24mi
1824 N Riley Ave Indianapolis, IN	2.0	1.0	720	$1,150	$1.60	44d	1	1.29mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	1.29mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	4d	1	1.32mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	1.33mi
1424 N Campbell Ave Unit 1446 Indianapolis, IN	1.0	1.0	800	$920	$1.15	24d	1	1.36mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	24d	1	1.36mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	1.37mi

Listing history 28 events

1. 2026-06-17
   status $54,900 Pending 110 DOM
2. 2026-06-16
   days on market $54,900 Active 110 DOM
3. 2026-06-15
   days on market $54,900 Active 109 DOM
4. 2026-06-13
   days on market $54,900 Active 107 DOM
5. 2026-06-13
   days on market $54,900 Active 106 DOM
6. 2026-06-09
   days on market $54,900 Active 103 DOM
7. 2026-06-08
   days on market $54,900 Active 102 DOM
8. 2026-06-07
   pricedays on market $54,900 Active 101 DOM
9. 2026-06-03
   days on market $59,900 Active 97 DOM
10. 2026-06-02
    days on market $59,900 Active 96 DOM
11. 2026-06-01
    days on market $59,900 Active 95 DOM
12. 2026-05-31
    days on market $59,900 Active 94 DOM
13. 2026-05-06
    price $59,900 420-char remark

    Show marketing remark (420 chars)

    Tremendous upside in this Ranch-style home in Warren Township. Tucked away in a secluded neighborhood but with easy access to schools, shopping, interstate/transportation. Large lot with ample space to add on, build garage or outbuildings. Partially fenced yard with storage shed and room for more. Start off your next project with a blank slate. Will need repairs and updates. Huge potential upside. This is a must see!

14. 2026-03-31
    price $69,900 420-char remark

    Show marketing remark (420 chars)

    Tremendous upside in this Ranch-style home in Warren Township. Tucked away in a secluded neighborhood but with easy access to schools, shopping, interstate/transportation. Large lot with ample space to add on, build garage or outbuildings. Partially fenced yard with storage shed and room for more. Start off your next project with a blank slate. Will need repairs and updates. Huge potential upside. This is a must see!

15. 2026-02-26
    listed $75,900 Active 420-char remark

    Show marketing remark (420 chars)

    Tremendous upside in this Ranch-style home in Warren Township. Tucked away in a secluded neighborhood but with easy access to schools, shopping, interstate/transportation. Large lot with ample space to add on, build garage or outbuildings. Partially fenced yard with storage shed and room for more. Start off your next project with a blank slate. Will need repairs and updates. Huge potential upside. This is a must see!

16. 2023-10-29
    status Pending
17. 2023-10-27
    historical
18. 2023-10-12
    price $60,000
19. 2023-08-05
    listed $84,900 Active
20. 2020-04-06
    soldstatus $19,500
21. 2014-08-01
    historical
22. 2013-01-21
    listed $39,900
23. 2008-07-30
    soldstatus $16,000
24. 2008-06-09
    listed $17,900
25. 2005-05-30
    historical
26. 2005-03-23
    listed $74,000
27. 2004-04-21
    soldstatus $11,000
28. 2003-11-18
    listed $11,900

ⓘ 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: $1,678 · $140/mo
• Projected year-2 tax: $1,678 · $140/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 3/10 Moderate 7 d/yr ≥101°F today · 16 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: $12,363
• − Mortgage interest: −$3,075
• − Property taxes: −$1,678
• − Insurance: −$274
• − Repairs & maintenance: −$989
• − Management: −$989
• − Depreciation: −$1,597
• Taxable income: $3,760
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $3,457/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+403.4% since first listed

16 events — show timeline

• 2026-05-06 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-02-26 Listed $75,900 MIBOR as Distributed by MLS Grid
• 2023-10-29 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-10-12 Price Changed $60,000 MIBOR as Distributed by MLS Grid
• 2023-08-05 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2020-04-06 Sold (Public Records) $19,500 Public Records
• 2014-08-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-01-21 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2008-07-30 Sold (MLS) $16,000 MIBOR as Distributed by MLS Grid
• 2008-06-09 Listed $17,900 MIBOR as Distributed by MLS Grid
• 2005-05-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-03-23 Listed $74,000 MIBOR as Distributed by MLS Grid
• 2004-04-21 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2003-11-18 Listed $11,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $1,678 · +3.0% YoY. Source: county tax records.