8321 E 42nd St · Indianapolis city (balance), IN 46226

$99,900

3 bd · 2.0 ba · 1,792 sqft · SingleFamily public records · 48 Days on market

Built 1900 0.50 ac lot $56/sqft · 31% below area Est $182k · 45% under ↓ 20% since listing

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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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +9.4/10.0
• Rent growth +4.2/5.0
• 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 true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

Key facts

• Covered front porch
• Curved staircase
• Near i-465

Tags

• COVERED FRONT PORCH
• CURVED STAIRCASE
• FENCED-IN BACKYARD
• NEAR I-465
• NEAR FORT HARRISON STATE PARK

Property features AI

Finance

• Other: Property on approximately 0.5 acre
• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Detached 2-car garage (approximately 484 sq ft)
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available; Solid waste service available
• Home design: Single family residence; Two levels; Faces north
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered deck/patio; Storage shed; Full yard fencing; Mature trees; Street lighting

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Three bedrooms on the upper level; Additional main-level rooms include living room, dining room, family room, sun room
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Hardwood floors; Wood trim (painted and stained); Partial finished basement; One fireplace (free-standing, in family room)
• Laundry & utility: Sump pump; Smoke alarm

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• 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 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.
• Zoned schools: Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 151 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 34% of the median local income ($50k/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 $691 of loan paydown is wiped out by about $3k 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 + 6.8% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1900 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• GRM: 5.8

CMA / ARV

• ARV (median comp): $181,819
• List price: $99,900
• Delta: -45.06%
• 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
8423 Athens Ct	0.16mi	3/2.0	1,653 (-8%)	2mo	$202,000	$122	78
3909 Richelieu Ct	0.38mi	4/2.0 (+1)	1,850 (+3%)	2mo	$218,000	$118	70
8610 Meadowlark Dr	0.42mi	3/1.0	1,887 (+5%)	3mo	$112,000	$59	65
4019 Biscayne Rd	0.49mi	4/1.5 (+1)	1,905 (+6%)	2mo	$174,900	$92	58
3630 Alsace Dr	0.68mi	3/1.0	1,722 (-4%)	5mo	$185,000	$107	54
3846 Alsace Pl	0.39mi	3/1.5	1,617 (-10%)	12mo	$170,000	$105	54
4144 Richelieu Rd	0.15mi	4/1.5 (+1)	2,052 (+14%)	11mo	$185,000	$90	53
3771 Decamp Dr	0.59mi	4/2.5 (+1)	1,692 (-6%)	5mo	$211,000	$125	52
3949 Chateau Dr	0.37mi	4/2.0 (+1)	1,998 (+12%)	9mo	$250,000	$125	51
3748 Decamp Dr	0.62mi	4/2.0 (+1)	1,605 (-10%)	4mo	$237,500	$148	45
3640 Marseille Rd	0.70mi	3/1.5	1,537 (-14%)	3mo	$182,000	$118	40
3675 Dubarry Rd	0.71mi	4/2.0 (+1)	2,035 (+14%)	4mo	$215,000	$106	36

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.31×
• Total profit: $8,625
• Equity at exit: $14,895

10-year hold

• IRR: 20.2%
• Equity multiple: 3.06×
• Total profit: $57,537
• Equity at exit: $8,638

Cash invested: $27,972 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,438 high
• Mortgage (P&I): −$524
• Tax from tax record: −$271 /mo · $3,258/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $299

Break-even live

Break-even rent $1,060

Max offer price $99,900

Occupancy floor 74%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	14d	1	0.18mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	43d	1	0.21mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	0.21mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	7d	1	0.42mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	23d	1	0.56mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	23d	1	0.67mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	23d	1	0.89mi
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	7d	1	0.95mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	23d	1	1.05mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	14d	1	1.10mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	23d	1	1.11mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	43d	1	1.11mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	7d	1	1.14mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	14d	1	1.27mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	16d	1	1.28mi

Listing history 21 events

1. 2026-06-18
   days on market $99,900 Active 48 DOM
2. 2026-06-17
   days on market $99,900 Active 47 DOM
3. 2026-06-16
   days on market $99,900 Active 46 DOM
4. 2026-06-15
   days on market $99,900 Active 45 DOM
5. 2026-06-13
   days on market $99,900 Active 43 DOM
6. 2026-06-13
   days on market $99,900 Active 42 DOM
7. 2026-06-09
   days on market $99,900 Active 39 DOM
8. 2026-06-08
   days on market $99,900 Active 38 DOM
9. 2026-06-07
   days on market $99,900 Active 37 DOM
10. 2026-06-03
    days on market $99,900 Active 33 DOM
11. 2026-06-02
    days on market $99,900 Active 32 DOM
12. 2026-06-01
    days on market $99,900 Active 31 DOM
13. 2026-05-31
    days on market $99,900 Active 30 DOM
14. 2026-05-01
    listed $99,900 Active 430-char remark
15. 2022-08-26
    listed $260,000 Active
16. 2022-03-22
    soldstatus $95,000 Closed

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

17. 2022-01-31
    status Pending

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

18. 2022-01-18
    status Active

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

19. 2022-01-18
    price $119,000

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

20. 2022-01-15
    status Pending

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

21. 2022-01-06
    listed $125,000 Active

    Show marketing remark (345 chars)

    A true classic from the past waiting to be rehabbed and enjoyed. Half acre of your own private spot that could be made into a parklike setting. Furnace and water heater are newer. Very unique piece of property. Access to basement is through trap door in sunroom, was once and could be again an impressive home, beautiful entry awaits remodeling

ⓘ 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: $3,258 · $271/mo
• Projected year-2 tax: $3,258 · $271/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,259
• − Mortgage interest: −$5,596
• − Property taxes: −$3,258
• − Insurance: −$500
• − Repairs & maintenance: −$1,381
• − Management: −$1,381
• − Depreciation: −$2,906
• Taxable income: $2,238
• Est. tax owed @ 24.0%: −$537
• After-tax cash flow: $3,053/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

-20.1% since first listed

8 events — show timeline

• 2026-05-01 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2022-08-26 Listed $260,000 MIBOR as Distributed by MLS Grid
• 2022-03-22 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2022-01-31 Pending — MIBOR as Distributed by MLS Grid
• 2022-01-18 Relisted — MIBOR as Distributed by MLS Grid
• 2022-01-18 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2022-01-15 Pending — MIBOR as Distributed by MLS Grid
• 2022-01-06 Listed $125,000 MIBOR as Distributed by MLS Grid

Property tax history

+30.6%/yr

Latest (2025): $3,258 · -2.9% YoY. Source: county tax records.