3654 N Newgate Ln · Indianapolis city (balance), IN 46235

$72,000

2 bd · 1.5 ba · 1,048 sqft · Condo public records · 51 Days on market

Built 1973 $69/sqft · at area comps Est $70k · at est. $250/mo HOA · 18% of rent

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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 +29.1/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.2/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

STOP paying rent! Buy this two bedroom bath and a half condo conveniently located near schools shopping and interstates. One car attached garage and privacy fenced courtyard. Needs some work but priced to MOVE!

Key facts

• Fully renovated
• Private patio
• Appliances included

Tags

• FULLY RENOVATED
• REMODELED BATHROOMS
• PRIVATE PATIO
• FULLY FURNISHED
• APPLIANCES INCLUDED

Property features AI

Finance

• Other: GPS-friendly directions
• HOA & community: Community has an HOA; HOA fee $250 per month; Mandatory fee; Low-maintenance lifestyle with 2+ common walls

Exterior

• Parking: Attached garage (1 car, 288 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Residential condominium; Horizontal condo with private building entry; Two levels
• Construction: Brick, stucco, and wood siding exterior; Slab foundation
• Exterior features: Attached property (condominium); Less than 1/4 acre

Interior

• Kitchen: Electric oven; Microwave; Dishwasher; Eat-in kitchen layout
• Bedrooms: 2 bedrooms on the upper level
• Flooring: Hardwood floors; Luxury vinyl plank
• Bathrooms: 1 full bathroom (upper level); 1 half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Eat-in kitchen; Laundry in unit; Luxury vinyl plank in some rooms
• Laundry & utility: Laundry room (main level); Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $72k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 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 (+2.6%/yr); 54 active listings in the ZIP; 19 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 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 + 2.6% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask has dropped $13k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $72k implies a 433% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price.

Recommended offer $69,840 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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 1973 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.98% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• GRM: 4.2

CMA / ARV

• ARV (median comp): $70,000
• List price: $72,000
• Delta: 2.86%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.19×
• Total profit: $3,852
• Equity at exit: $10,735

10-year hold

• IRR: 14.0%
• Equity multiple: 2.11×
• Total profit: $22,297
• Equity at exit: $6,225

Cash invested: $20,160 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,429 high
• Mortgage (P&I): −$378
• Tax from tax record: −$221 /mo · $2,657/yr
• Insurance: −$30
• HOA: −$250
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $250

Break-even live

Break-even rent $1,113

Max offer price $72,000

Occupancy floor 78%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.34mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.46mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	7d	1	0.47mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.59mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.61mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.72mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,258	$1.62	24d	6	0.73mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.87mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.91mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.92mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.92mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.95mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.95mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	1.00mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	7d	1	1.05mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	1.07mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	44d	1	1.11mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	1.45mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	1.48mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $72,000 Active 51 DOM
2. 2026-06-17
   days on market $72,000 Active 50 DOM
3. 2026-06-16
   days on market $72,000 Active 49 DOM
4. 2026-06-15
   days on market $72,000 Active 48 DOM
5. 2026-06-13
   days on market $72,000 Active 46 DOM
6. 2026-06-13
   days on market $72,000 Active 45 DOM
7. 2026-06-09
   days on market $72,000 Active 42 DOM
8. 2026-06-08
   days on market $72,000 Active 41 DOM
9. 2026-06-07
   pricedays on market $72,000 Active 40 DOM
10. 2026-06-03
    days on market $85,000 Active 36 DOM
11. 2026-06-02
    days on market $85,000 Active 35 DOM
12. 2026-06-01
    days on market $85,000 Active 34 DOM
13. 2026-05-31
    days on market $85,000 Active 33 DOM
14. 2026-04-27
    listed $85,000 Active 410-char remark
15. 2025-05-17
    historical
16. 2025-05-16
    status Active
17. 2025-03-16
    status Active
18. 2025-01-01
    status Active
19. 2024-11-05
    price $99,000
20. 2024-07-17
    listed $108,000 Active
21. 2016-02-05
    soldstatus $13,500 Sold

    Show marketing remark (212 chars)

    STOP paying rent! Buy this two bedroom bath and a half condo conveniently located near schools shopping and interstates. One car attached garage and privacy fenced courtyard. Needs some work but priced to MOVE!

22. 2016-01-11
    status Pending

    Show marketing remark (212 chars)

    STOP paying rent! Buy this two bedroom bath and a half condo conveniently located near schools shopping and interstates. One car attached garage and privacy fenced courtyard. Needs some work but priced to MOVE!

23. 2015-12-31
    price $13,100

    Show marketing remark (212 chars)

    STOP paying rent! Buy this two bedroom bath and a half condo conveniently located near schools shopping and interstates. One car attached garage and privacy fenced courtyard. Needs some work but priced to MOVE!

24. 2015-10-30
    listed $18,100 Active

    Show marketing remark (212 chars)

    STOP paying rent! Buy this two bedroom bath and a half condo conveniently located near schools shopping and interstates. One car attached garage and privacy fenced courtyard. Needs some work but priced to MOVE!

25. 2003-11-30
    historical
26. 2003-06-04
    listed $35,900

ⓘ 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: $2,657 · $221/mo
• Projected year-2 tax: $2,657 · $221/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: $17,142
• − Mortgage interest: −$4,033
• − Property taxes: −$2,657
• − Insurance: −$360
• − Repairs & maintenance: −$1,371
• − Management: −$1,371
• − HOA: −$3,000
• − Depreciation: −$2,095
• Taxable income: $2,255
• Est. tax owed @ 24.0%: −$541
• After-tax cash flow: $2,453/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): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1901.0

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 57% White 18% Hispanic / Latino 17% Two or more races 11%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Hispanic 3% Slovak 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 4%

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: ▼ -12.41%
• Current HPI: 275.1505
• Rent YoY: ▲ 2.56%
• 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

+100.6% since first listed

14 events — show timeline

• 2026-06-03 Price Changed $72,000 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2025-05-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-16 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-16 Relisted — MIBOR as Distributed by MLS Grid
• 2025-01-01 Relisted — MIBOR as Distributed by MLS Grid
• 2024-11-05 Price Changed $99,000 MIBOR as Distributed by MLS Grid
• 2024-07-17 Listed $108,000 MIBOR as Distributed by MLS Grid
• 2016-02-05 Sold (MLS) $13,500 MIBOR as Distributed by MLS Grid
• 2016-01-11 Pending — MIBOR as Distributed by MLS Grid
• 2015-12-31 Price Changed $13,100 MIBOR as Distributed by MLS Grid
• 2015-10-30 Listed $18,100 MIBOR as Distributed by MLS Grid
• 2003-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-06-04 Listed $35,900 MIBOR as Distributed by MLS Grid

Property tax history

+17.4%/yr

Latest (2025): $2,657 · +91.2% YoY. Source: county tax records.