322 N Oakland Ave · Indianapolis city (balance), IN 46201

$149,000

2 bd · 3.0 ba · 738 sqft · MultiFamily public records · 8 Days on market

Built 1930 4,443 sqft lot Est $227k · 34% 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 +20.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.4/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

INVESTMENT OPPORTUNITY! EXCELLENT VALUE TO BE FOUND IN THIS WONDERFUL DOUBLE W/CHARACTER. BOTH UNITS IN GOOD CONDITION W/HARDWOODS,BUILT-INS AND ORIGINAL WOODWORK. OWNER PAYS WATER & SEWER. EACH UNIT HAS A BASEMENT AND SPLIT THE 2 CAR GARAGE. BOTH UNITS OCCUPIED.

Key facts

• Knee walls
• Pillars
• Original woodwork

Tags

• TURNKEY
• HARDWOOD FLOORS
• ORIGINAL WOODWORK
• KNEE WALLS
• PILLARS
• LEADED-GLASS BUILT-INS

Property features AI

Finance

• Other: Units listed as month-to-month rent entries of 0; Unit utilities include fuel gas with forced heat
• Financial info: Two-unit property; Reported gross income and expenses listed as 0

Exterior

• Parking: Detached 2-car garage
• Utilities: Solid waste service available
• Home design: Duplex (residential income); Single-story
• Construction: Wood siding and brick exterior
• Exterior features: Partial fencing; Sidewalks; Concrete road access

Interior

• Kitchen: Unit 1 kitchen approx. 14 x 11; Unit 2 kitchen approx. 14 x 8
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Basement present; Building described as 'Other' features
• Laundry & utility: Laundry features: Other; Owner pays water and sewer for units

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 7.9% 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 fast (+7.3%/yr); 480 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 38% 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 $1k 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 $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y 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 $48k; list at $149k implies a 211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

Questions for the listing agent

1. Built in 1930 — 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 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: 1.04% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.79%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $226,566
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 N Dearborn St	0.18mi	2/1.0	700 (-5%)	18mo	$215,000	$307	60
3419 E 9th St	0.55mi	2/1.0	672 (-9%)	24mo	$170,000	$253	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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,273
• Equity at exit: $22,216

10-year hold

• IRR: 11.3%
• Equity multiple: 2.06×
• Total profit: $44,412
• Equity at exit: $12,883

Cash invested: $41,720 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $1,554 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$183 /mo · $2,195/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $201

Break-even live

Break-even rent $1,299

Max offer price $149,000

Occupancy floor 82%

Sensitivity live

Price	-10% $286	-5% $243	+0% $201	+5% $159	+10% $117
Rent	-10% $78	-5% $140	+0% $201	+5% $263	+10% $324
Rate	-1.0pp $276	-0.5pp $239	base $201	+0.5pp $163	+1.0pp $123

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,554
Total (2 units)			$1,554

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	24d	1	0.08mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	24d	1	0.31mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.45mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	22d	1	0.58mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	0.63mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	0.67mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.68mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	5d	1	0.69mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	45d	1	0.69mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.70mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	44d	1	0.74mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	5d	1	0.74mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	44d	1	0.77mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	24d	1	0.77mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	5d	1	0.86mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	44d	1	0.87mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.89mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	44d	1	0.91mi
784 Woodruff Place Middle Dr Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	44d	1	0.92mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	44d	1	0.93mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	24d	1	0.98mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	17d	1	0.98mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	0.99mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	44d	1	1.00mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	1.02mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	20d	1	1.05mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	21d	1	1.06mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	21d	1	1.07mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	1.10mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.10mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	8d	1	1.10mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.11mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	8d	1	1.11mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	14d	1	1.12mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	24d	1	1.16mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	24d	1	1.19mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	13d	1	1.20mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	24d	1	1.25mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	8d	1	1.26mi
1329 E Market St Unit 8 Indianapolis, IN	1.0	1.0	480	$945	$1.97	22d	1	1.26mi

Listing history 6 events

1. 2026-06-13
   statusdays on market $149,000 Pending 8 DOM
2. 2026-06-09
   days on market $149,000 Active 7 DOM
3. 2026-06-08
   days on market $149,000 Active 6 DOM
4. 2026-06-07
   days on market $149,000 Active 5 DOM
5. 2026-06-03
   remarks 699-char remark
6. 2026-06-03
   listed $149,000 Active 1 DOM

ⓘ 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: $2,195 · $183/mo
• Projected year-2 tax: $2,195 · $183/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: $18,648
• − Mortgage interest: −$8,346
• − Property taxes: −$2,195
• − Insurance: −$745
• − Repairs & maintenance: −$1,492
• − Management: −$1,492
• − Depreciation: −$4,335
• Taxable income: $43
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $2,405/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

+273.4% since first listed

13 events — show timeline

• 2026-06-01 Listed $149,000 MIBOR as Distributed by MLS Grid
• 2025-04-21 Pending — MIBOR as Distributed by MLS Grid
• 2025-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2025-04-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-31 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-14 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-13 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-26 Listed $119,000 MIBOR as Distributed by MLS Grid
• 2003-03-31 Sold (MLS) $47,900 MIBOR as Distributed by MLS Grid
• 2002-09-09 Listed $47,900 MIBOR as Distributed by MLS Grid
• 2000-09-28 Sold (Public Records) $38,304 Public Records
• 2000-09-22 Sold (MLS) $36,000 MIBOR as Distributed by MLS Grid
• 2000-06-21 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2025): $2,195 · +7.5% YoY. Source: county tax records.