1626 Palmer St · Indianapolis city (balance), IN 46203

$164,900

2 bd · 1.0 ba · 1,680 sqft · SingleFamily public records · 1 Days on market

Built 1919 2,570 sqft lot Est $282k · 42% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• 1% rule +4.8/10.0
• DSCR +4.3/10.0
• 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

Move-in ready home located just south of Fountain Square! This home features new flooring, paint, kitchen cabinets, windows, and a brand new A/C! The loft upstairs is perfect for an office space or could be used a spare bedroom! Come check it out today!

Key facts

• Covered front porch
• Large bonus room
• Open-concept layout

Tags

• COVERED FRONT PORCH
• OPEN-CONCEPT LAYOUT
• BRIGHT WHITE CABINETRY
• STAINLESS STEEL APPLIANCES
• LARGE BONUS ROOM
• ABUNDANT STORAGE SPACE

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.06 acre)

Exterior

• Parking: No parking
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; Two levels; Residential property
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch/patio; Partial fencing; Curbs and sidewalks

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom with tub/shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Woodwork stained or painted; Bedroom other on main; Laundry in unit
• Laundry & utility: Washer; Dryer; Water heater; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $28 ($338/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (2.0% below list).
• Recommended offer: $162k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• 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 24d 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 ($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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 27y 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 $130k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $161,606 (2.0% below list)

Questions for the listing agent

1. Built in 1919 — 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: 0.98% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $282,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1125 Laurel St	0.41mi	3/2.0 (+1)	1,731 (+3%)	1mo	$350,000	$202	66
935 Spruce St	0.52mi	2/1.0	1,788 (+6%)	1mo	$300,000	$168	64
1128 S State Ave	0.35mi	3/1.0 (+1)	1,490 (-11%)	3mo	$220,000	$148	58
1842 E Legrande Ave	0.57mi	2/1.0	1,488 (-11%)	1mo	$87,000	$58	54
1750 Olive St	0.43mi	3/1.0 (+1)	1,484 (-12%)	3mo	$97,000	$65	53
830 Olive St	0.71mi	3/2.0 (+1)	1,618 (-4%)	2mo	$335,000	$207	50
1421 Laurel St	0.24mi	3/3.0 (+1)	1,915 (+14%)	3mo	$333,000	$174	50
912 Harlan St	0.65mi	2/1.0	1,491 (-11%)	2mo	$175,000	$117	49
1452 Lexington Ave	0.70mi	3/2.0 (+1)	1,808 (+8%)	2mo	$300,000	$166	44
827 Laurel St	0.65mi	3/1.0 (+1)	1,495 (-11%)	3mo	$255,000	$171	43
2027 Spruce St	0.49mi	3/2.0 (+1)	1,432 (-15%)	1mo	$210,000	$147	42
1202 Hartford St	0.67mi	3/3.5 (+1)	1,480 (-12%)	2mo	$330,000	$223	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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-25,031
• Equity at exit: $24,587

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-19,915
• Equity at exit: $14,258

Cash invested: $46,172 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,616 high
• Mortgage (P&I): −$865
• Tax from tax record: −$315 /mo · $3,781/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $28

Break-even live

Break-even rent $1,580

Max offer price $164,900

Occupancy floor 93%

Sensitivity live

Price	-10% $121	-5% $75	+0% $28	+5% $-19	+10% $-65
Rent	-10% $-100	-5% $-36	+0% $28	+5% $92	+10% $156
Rate	-1.0pp $111	-0.5pp $70	base $28	+0.5pp $-15	+1.0pp $-58

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.03mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	15d	1	0.05mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.05mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	24d	1	0.13mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	24d	1	0.21mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.22mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.25mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	20d	1	0.33mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	0.37mi
1230 Harlan St Indianapolis, IN	3.0	3.5	2167	$2,600	$1.20	2d	1	0.40mi
1527 Prospect St Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	24d	1	0.43mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.46mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	44d	1	0.49mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	44d	1	0.49mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	24d	1	0.49mi
1053 Villa Ave Indianapolis, IN	3.0	1.5	1281	$1,400	$1.09	44d	1	0.53mi
1020 S Randolph St Indianapolis, IN	3.0	1.5	1550	$1,650	$1.06	24d	1	0.54mi
1123 Churchman Ave Indianapolis, IN	3.0	1.5	1472	$1,360	$0.92	14d	1	0.54mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	0.54mi
1502 Woodlawn Ave Indianapolis, IN	2.0	2.0	1441	$2,500	$1.73	15d	1	0.55mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	0.55mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	0.55mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	0.58mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	24d	1	0.60mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	0.61mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.63mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	15d	1	0.63mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	0.65mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	0.70mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.70mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	0.70mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	0.70mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	3d	1	0.73mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.73mi
2218 Pleasant St Indianapolis, IN	3.0	2.0	1376	$2,499	$1.82	24d	1	0.74mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	0.77mi
909 Saint Peter St Indianapolis, IN	3.0	2.0	1200	$1,800	$1.50	44d	1	0.77mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.77mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.79mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.80mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $164,900 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: $3,781 · $315/mo
• Projected year-2 tax: $3,781 · $315/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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,393
• − Mortgage interest: −$9,237
• − Property taxes: −$3,781
• − Insurance: −$824
• − Repairs & maintenance: −$1,551
• − Management: −$1,551
• − Depreciation: −$4,797
• Taxable loss: −$2,350
• Est. tax savings @ 24.0%: +$564
• After-tax cash flow: $902/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

+801.1% since first listed

17 events — show timeline

• 2026-06-18 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2022-04-25 Sold (MLS) $129,900 MIBOR as Distributed by MLS Grid
• 2022-03-21 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-16 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2022-03-09 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2022-03-04 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2008-01-03 Sold (MLS) $7,750 MIBOR as Distributed by MLS Grid
• 2007-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-11-13 Listed $12,900 MIBOR as Distributed by MLS Grid
• 2007-07-02 Listed $23,900 MIBOR as Distributed by MLS Grid
• 2003-02-21 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2002-10-04 Listed $15,900 MIBOR as Distributed by MLS Grid
• 2002-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-05-16 Listed $20,900 MIBOR as Distributed by MLS Grid
• 2001-04-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-11-02 Listed $55,000 MIBOR as Distributed by MLS Grid
• 1999-05-28 Listed $18,300 MIBOR as Distributed by MLS Grid

Property tax history

+28.1%/yr

Latest (2025): $3,781 · +8.0% YoY. Source: county tax records.