3630 W Michigan St · Indianapolis city (balance), IN 46222

$145,000

3 bd · 2.0 ba · 1,466 sqft · SingleFamily public records · 12 Days on market

Built 1951 4,574 sqft lot Est $129k · 12% over

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Why this score? — see what drove the D- 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 +15.5/30.0
• 1% rule +5.1/10.0
• DSCR +4.8/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

CORNER LOT WITH 2 CAR WORKSHOP GARAGE ACCESS FROM SOMERSET!! QUALITY BUILT 3 BEDROOM HOME WITH 1.5 BATHS. LARGE BASEMENT HAS LOTS OF ROOM FOR WORKSHOP, FAMILY ROOM, FOURTH BEDROOM AND MORE!! 18X7 ENCLOSED FRONT PORCH, 6 X6 ENCLOSED BACK PORCH!! LARGE DINING ROOM WITH BUILT-IN HUTCH/CABINET UNDER THE WINDOW!!FENCED-IN BACK YARD. CENTRAL AIR IS APPROX 1 YEAR OLD!! NEWER WATERHEATER!! NEW GUTTERS!!

Key facts

• Finished attic
• Corner lot
• Enclosed front porch

Tags

• CORNER LOT
• ORIGINAL HARDWOOD FLOORS
• ENCLOSED FRONT PORCH
• FINISHED ATTIC
• OVERSIZED DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; One and one-half story
• Construction: Aluminum siding; Block foundation
• Exterior features: Glass-enclosed patio/porch; Partial fencing; Corner lot

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Four bedrooms total (three on the main level, one on the upper level)
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; No central air
• Interior features: Eat-in kitchen; Formal living room; Finished basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $59 ($703/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $145k).
• Cap rate 6.8% 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 D — 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: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL) — zoned schools at 78% FRL track the district average.
• Market conditions: Rents rising (+2.5%/yr); 174 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 35% of the median local income ($51k/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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $52k; list at $145k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1951 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 6.78%
• Cash-on-cash: 1.73%
• DSCR: 1.08
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $129,008
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 N Berwick Ave	0.20mi	3/2.0	1,534 (+5%)	8mo	$220,000	$143	76
625 N Livingston Ave	0.14mi	2/1.0 (-1)	1,565 (+7%)	6mo	$85,000	$54	68
3426 W Michigan St	0.25mi	3/1.0	1,608 (+10%)	8mo	$82,500	$51	61
621 N Livingston Ave	0.13mi	3/1.0	1,629 (+11%)	12mo	$170,000	$104	61
616 N Exeter Ave	0.15mi	3/2.0	1,672 (+14%)	11mo	$120,000	$72	60
1114 N Alton Ave	0.64mi	2/1.0 (-1)	1,440 (-2%)	2mo	$140,000	$97	57
419 N Alton Ave	0.27mi	2/1.0 (-1)	1,638 (+12%)	6mo	$105,000	$64	54
1202 N Luett Ave	0.71mi	2/1.0 (-1)	1,416 (-3%)	2mo	$125,000	$88	50
418 N Centennial St	0.44mi	2/1.0 (-1)	1,582 (+8%)	10mo	$60,000	$38	50
450 N Concord St	0.57mi	2/1.0 (-1)	1,344 (-8%)	1mo	$80,000	$60	50
3556 W 12th St	0.70mi	2/1.0 (-1)	1,388 (-5%)	8mo	$147,000	$106	43
3464 W 12th St	0.73mi	3/2.0	1,608 (+10%)	9mo	$214,900	$134	42

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-20,477
• Equity at exit: $21,620

10-year hold

• IRR: -6.2%
• Equity multiple: 0.61×
• Total profit: $-15,911
• Equity at exit: $12,537

Cash invested: $40,600 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 174
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,461 high
• Mortgage (P&I): −$760
• Tax from tax record: −$275 /mo · $3,296/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $59

Break-even live

Break-even rent $1,387

Max offer price $145,000

Occupancy floor 91%

Sensitivity live

Price	-10% $141	-5% $100	+0% $59	+5% $18	+10% $-24
Rent	-10% $-57	-5% $1	+0% $59	+5% $116	+10% $174
Rate	-1.0pp $132	-0.5pp $95	base $59	+0.5pp $21	+1.0pp $-17

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	45d	1	0.34mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	25d	1	0.34mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	9d	1	0.34mi
545 N Goodlet Ave Indianapolis, IN	3.0	1.0	1664	$1,250	$0.75	25d	1	0.55mi
2952 W New York St Indianapolis, IN	2.0	2.5	1867	$2,000	$1.07	23d	1	0.72mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	0d	1	0.84mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,400	$1.33	22d	5	0.85mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	45d	1	0.87mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	12d	1	0.93mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1540	$1,199	$0.78	25d	1	0.93mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	18d	1	0.97mi
1621 N Livingston Ave Indianapolis, IN	3.0	1.0	952	$1,300	$1.37	25d	1	1.01mi
1118 King Ave Indianapolis, IN	3.0	1.0	1560	$1,299	$0.83	18d	1	1.14mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	4d	1	1.14mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	25d	1	1.24mi
742 N Sheffield Ave Unit 1228636P Indianapolis, IN	4.0	2.0	1851	$3,472	$1.88	4d	1	1.28mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	25d	1	1.31mi
1545 N Main St Speedway, IN	1.0–2.0	1.0–2.0	891	$1,972	$2.21	9d	9	1.34mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	25d	1	1.35mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	45d	1	1.47mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	45d	1	1.47mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	25d	1	1.49mi

Listing history 9 events

1. 2026-06-21
   days on market $145,000 Active 12 DOM
2. 2026-06-18
   days on market $145,000 Active 9 DOM
3. 2026-06-17
   days on market $145,000 Active 8 DOM
4. 2026-06-16
   days on market $145,000 Active 7 DOM
5. 2026-06-15
   days on market $145,000 Active 6 DOM
6. 2026-06-13
   days on market $145,000 Active 4 DOM
7. 2026-06-13
   days on market $145,000 Active 3 DOM
8. 2026-06-10
   remarks 699-char remark
9. 2026-06-10
   listed $145,000 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: $3,296 · $275/mo
• Projected year-2 tax: $3,296 · $275/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $17,530
• − Mortgage interest: −$8,122
• − Property taxes: −$3,296
• − Insurance: −$725
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$4,218
• Taxable loss: −$1,637
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $1,095/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+142.1% since first listed

4 events — show timeline

• 2026-06-09 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2026-06-04 Listed for Rent $1,175 SHOWMOJO
• 2004-10-07 Sold (MLS) $52,500 MIBOR as Distributed by MLS Grid
• 2004-09-03 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2025): $3,296 · +16.6% YoY. Source: county tax records.