2004 N Dexter St · Indianapolis city (balance), IN 46202

$65,000

2 bd · 1.0 ba · 855 sqft · SingleFamily public records · 49 Days on market

Built 1925 5,184 sqft lot $76/sqft · at area comps ↓ 13% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a charming single-family residence, built in 1925, offering 855 square feet of inviting living space at 2004 N Dexter ST, INDIANAPOLIS, IN, USA. This home is ready for some love to make it your own or your next investment. The home features two comfortable bedrooms, providing private retreats for rest and relaxation. A well-appointed full bathroom serves the home's needs with practicality and style. Spanning a single story, this residence is thoughtfully designed for ease of living. The property sits on a generous 5184 square foot lot, offering ample outdoor potential. Immerse yourself in the possibilities this delightful home offers; schedule your private viewing today.

Key facts

• 5,184 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents soft (-0.4%/yr); 267 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 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 + 0.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1925 — 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: 2.00% ✓
• Cap rate: 14.39%
• Cash-on-cash: 28.93%
• DSCR: 2.29
• GRM: 4.2

CMA / ARV

• ARV (median comp): $132,407
• List price: $65,000
• Delta: -50.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2023 Gent Ave	0.20mi	2/1.5	875 (+2%)	23mo	$179,750	$205	66
2126 White Ave	0.18mi	3/1.0 (+1)	920 (+8%)	18mo	$133,000	$145	59
1006 Edgemont Ave	0.69mi	3/1.0 (+1)	954 (+12%)	3mo	$75,000	$79	41

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 1.75×
• Total profit: $13,715
• Equity at exit: $9,692

10-year hold

• IRR: 25.2%
• Equity multiple: 2.85×
• Total profit: $33,657
• Equity at exit: $5,620

Cash invested: $18,200 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 267
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,297 high
• Mortgage (P&I): −$341
• Tax from tax record: −$218 /mo · $2,616/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $439

Break-even live

Break-even rent $742

Max offer price $65,000

Occupancy floor 61%

Sensitivity live

Price	-10% $476	-5% $457	+0% $439	+5% $420	+10% $402
Rent	-10% $336	-5% $388	+0% $439	+5% $490	+10% $541
Rate	-1.0pp $472	-0.5pp $455	base $439	+0.5pp $422	+1.0pp $405

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	45d	1	0.20mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	45d	1	0.31mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	25d	1	0.32mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	25d	1	0.35mi
1510 Stadium Way Unit 220 Indianapolis, IN	1.0	1.0	665	$1,365	$2.05	9d	1	0.49mi
1510 Stadium Way Unit Stadium Flats-2203 Indianapolis, IN	2.0	1.0	770	$1,462	$1.90	0d	1	0.49mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	947	$2,557	$2.70	0d	61	0.53mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	45d	1	0.56mi
1214 W 25th St Indianapolis, IN	1.0	1.0	800	$775	$0.97	25d	1	0.63mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	0d	34	0.70mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	0d	1	0.72mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	6d	1	0.72mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	25d	1	0.73mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	25d	1	0.73mi
1319 W 27th St Indianapolis, IN	2.0	1.0	651	$900	$1.38	14d	1	0.78mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	3d	9	0.82mi
819 Edgemont Ave Apt 115 Indianapolis, IN	1.0	1.0	540	$915	$1.69	45d	1	0.82mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	45d	1	0.87mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	45d	1	0.88mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,294	$1.38	0d	3	0.95mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	45d	1	0.96mi
1457 W 29th St Indianapolis, IN	2.0	1.0	686	$995	$1.45	21d	1	0.98mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	25d	1	0.98mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	45d	1	0.98mi
524 W 23rd St Indianapolis, IN	2.0	1.0	664	$949	$1.43	45d	1	1.00mi
524 W 23rd St Unit 2 Indianapolis, IN	2.0	1.0	669	$949	$1.42	0d	1	1.00mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$2,371	$2.71	5d	1	1.03mi
2316 Indianapolis Ave Indianapolis, IN	1.0	1.0	550	$800	$1.45	16d	1	1.03mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	9d	1	1.10mi
1401 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–2.0	1.0	982	$1,875	$1.91	15d	1	1.10mi
735 W 11th St Indianapolis, IN	2.0	1.0	712	$1,398	$1.96	45d	1	1.11mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,379	$0.75	9d	6	1.13mi
1226 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–3.0	1.0–3.5	1067	$1,828	$1.71	0d	10	1.14mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	1.19mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	4d	1	1.22mi
1341 W Congress Ave Unit 1343 Indianapolis, IN	1.0	1.0	600	$750	$1.25	45d	1	1.23mi
1022 Doctor Martin Luther King Junior St Indianapolis, IN	1.0	1.0	645	$875	$1.36	25d	1	1.26mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	25d	1	1.27mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	45d	1	1.30mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	21d	1	1.31mi

Listing history 3 events

1. 2026-05-19
   price $65,000 691-char remark

   Show marketing remark (691 chars)

   Discover a charming single-family residence, built in 1925, offering 855 square feet of inviting living space at 2004 N Dexter ST, INDIANAPOLIS, IN, USA. This home is ready for some love to make it your own or your next investment. The home features two comfortable bedrooms, providing private retreats for rest and relaxation. A well-appointed full bathroom serves the home's needs with practicality and style. Spanning a single story, this residence is thoughtfully designed for ease of living. The property sits on a generous 5184 square foot lot, offering ample outdoor potential. Immerse yourself in the possibilities this delightful home offers; schedule your private viewing today.

2. 2026-05-12
   price $70,000 691-char remark

   Show marketing remark (691 chars)

   Discover a charming single-family residence, built in 1925, offering 855 square feet of inviting living space at 2004 N Dexter ST, INDIANAPOLIS, IN, USA. This home is ready for some love to make it your own or your next investment. The home features two comfortable bedrooms, providing private retreats for rest and relaxation. A well-appointed full bathroom serves the home's needs with practicality and style. Spanning a single story, this residence is thoughtfully designed for ease of living. The property sits on a generous 5184 square foot lot, offering ample outdoor potential. Immerse yourself in the possibilities this delightful home offers; schedule your private viewing today.

3. 2026-04-03
   listed $75,000 Active 691-char remark

   Show marketing remark (691 chars)

   Discover a charming single-family residence, built in 1925, offering 855 square feet of inviting living space at 2004 N Dexter ST, INDIANAPOLIS, IN, USA. This home is ready for some love to make it your own or your next investment. The home features two comfortable bedrooms, providing private retreats for rest and relaxation. A well-appointed full bathroom serves the home's needs with practicality and style. Spanning a single story, this residence is thoughtfully designed for ease of living. The property sits on a generous 5184 square foot lot, offering ample outdoor potential. Immerse yourself in the possibilities this delightful home offers; schedule your private viewing today.

ⓘ 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: $2,616 · $218/mo
• Projected year-2 tax: $2,616 · $218/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 ≥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: $15,565
• − Mortgage interest: −$3,641
• − Property taxes: −$2,616
• − Insurance: −$325
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$1,891
• Taxable income: $4,602
• Est. tax owed @ 24.0%: −$1,104
• After-tax cash flow: $4,161/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Arabic 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

-13.3% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $65,000 MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $70,000 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.7%/yr

Latest (2025): $2,616 · +22.9% YoY. Source: county tax records.