405 N Holmes Ave · Indianapolis city (balance), IN 46222

$69,900

2 bd · 1.5 ba · 1,216 sqft · SingleFamily public records · 9 Days on market

Built 1910 4,966 sqft lot $57/sqft · 51% below area

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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
• 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

GOOD INVESTMENT PROPERTY! Corner lot, 1 car garage, plenty of off street parking. Full fenced in yard. House being sold 'AS IS'.

Key facts

• 4,966 sq ft lot
• Garage
• Built 1910

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Municipal sewer connected; Cable available; Solid waste service available
• Home design: Single-family residence; Two levels
• Construction: Brick/mortar foundation; Other construction materials
• Exterior features: Covered patio/porch; Corner lot; Complete fence

Interior

• Kitchen: Electric oven
• Bedrooms: Two bedrooms on the upper level
• Bathrooms: One full bath (upper level); One half bath (main level)
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Woodwork painted; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $467 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 14.3% 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.
• Market conditions: Rents rising (+2.5%/yr); 173 active listings in the ZIP; 27 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 $483 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 + 2.5% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,900

Questions for the listing agent

1. Built in 1910 — 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. 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.
4. 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.
5. 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: 1.70% ✓
• Cap rate: 14.30%
• Cash-on-cash: 28.61%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $226,581
• List price: $69,900
• Delta: -69.15%
• 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
343 N Belleview Pl	0.15mi	2/1.0	1,213 (-0%)	4mo	$50,000	$41	88
305 N Tremont St	0.29mi	2/1.0	1,296 (+7%)	3mo	$154,900	$120	71
250 N Tremont St	0.32mi	2/1.0	1,252 (+3%)	8mo	$69,000	$55	71
265 N Tremont St	0.32mi	2/1.0	1,264 (+4%)	7mo	$175,000	$138	71
916 N Warman Ave	0.45mi	2/1.0	1,211 (-0%)	9mo	$120,000	$99	69
517 N Sheffield Ave	0.41mi	3/2.0 (+1)	1,178 (-3%)	2mo	$100,000	$85	67
450 N Concord St	0.32mi	2/1.0	1,344 (+10%)	1mo	$80,000	$60	65
1005 N Tremont St	0.61mi	2/1.0	1,160 (-5%)	1mo	$100,000	$86	61
1106 N Tremont St	0.72mi	2/1.0	1,182 (-3%)	7mo	$55,000	$47	54
1049 N Tremont St N	0.68mi	2/1.0	1,084 (-11%)	9mo	$125,000	$115	40
553 N Traub Ave	0.55mi	3/1.5 (+1)	1,073 (-12%)	13mo	$130,000	$121	39
1047 N Concord St	0.69mi	2/1.0	1,374 (+13%)	7mo	$50,000	$36	38

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: 22.3%
• Equity multiple: 1.91×
• Total profit: $17,766
• Equity at exit: $10,422

10-year hold

• IRR: 30.0%
• Equity multiple: 3.62×
• Total profit: $51,184
• Equity at exit: $6,044

Cash invested: $19,572 (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: 173
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,187 high
• Mortgage (P&I): −$367
• Tax from tax record: −$75 /mo · $903/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $467

Break-even live

Break-even rent $596

Max offer price $69,900

Occupancy floor 56%

Sensitivity live

Price	-10% $506	-5% $486	+0% $467	+5% $447	+10% $427
Rent	-10% $373	-5% $420	+0% $467	+5% $514	+10% $560
Rate	-1.0pp $502	-0.5pp $484	base $467	+0.5pp $449	+1.0pp $430

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	11d	1	0.23mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	21d	5	0.29mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	17d	1	0.36mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	20d	1	0.39mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	0.44mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	24d	1	0.47mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	44d	1	0.56mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	24d	1	0.58mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	44d	1	0.58mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	0.65mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	0.71mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	4d	1	0.76mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	4d	14	0.81mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	44d	1	0.87mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	24d	1	0.87mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	0.92mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	8d	1	0.97mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.98mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	1.01mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	8d	1	1.08mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	24d	1	1.08mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	4d	1	1.10mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	1.25mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	1.39mi
1621 N Livingston Ave Indianapolis, IN	3.0	1.0	952	$1,300	$1.37	24d	1	1.45mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	24d	1	1.46mi
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	1.48mi

Listing history 5 events

1. 2026-05-11
   status Active 122-char remark
2. 2026-05-01
   status Pending 122-char remark
3. 2026-04-30
   listed $69,900 Active 122-char remark
4. 2004-03-16
   soldstatus $19,000 128-char remark

   Show marketing remark (128 chars)

   GOOD INVESTMENT PROPERTY! Corner lot, 1 car garage, plenty of off street parking. Full fenced in yard. House being sold 'AS IS'.

5. 2004-01-20
   listed $19,000 128-char remark

   Show marketing remark (128 chars)

   GOOD INVESTMENT PROPERTY! Corner lot, 1 car garage, plenty of off street parking. Full fenced in yard. House being sold 'AS IS'.

ⓘ 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: $903 · $75/mo
• Projected year-2 tax: $903 · $75/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: $14,243
• − Mortgage interest: −$3,915
• − Property taxes: −$903
• − Insurance: −$350
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$2,033
• Taxable income: $4,762
• Est. tax owed @ 24.0%: −$1,143
• After-tax cash flow: $4,457/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

+267.9% since first listed

7 events — show timeline

• 2026-06-15 Sold (MLS) $69,900 MIBOR as Distributed by MLS Grid
• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-11 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2004-03-16 Sold (MLS) $19,000 MIBOR as Distributed by MLS Grid
• 2004-01-20 Listed $19,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $903 · +40.5% YoY. Source: county tax records.