827 N Hawthorne Ln · Indianapolis city (balance), IN 46219

$134,900

3 bd · 2.0 ba · 1,989 sqft · SingleFamily public records · 7 Days on market

Built 1950 9,204 sqft lot $68/sqft · 48% below area Est $259k · 48% under

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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 +19.4/30.0
• ARV discount +15.0/15.0
• 1% rule +6.4/10.0
• DSCR +6.1/10.0
• 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

CLOSE TO ELLENBERGER PARK FROM THIS LARGE 3 BEDROOM 2 FULL BATH HOME IN IRVINGTON. UPSTAIRS BEDROOMS GREAT FOR OLDER CHILDREN. LARGE BACKYARD IS FENCED IN FOR CHILDREN'S SAFETY. GAS FURNACE AND CENTRAL AIR. ROOF AND WAT ER HEATER ARE ALL NEWER.

Key facts

• Ellenberger park
• Shed
• Historic irvington

Tags

• LARGE LOT
• CARPORT
• SHED
• HISTORIC IRVINGTON
• ELLENBERGER PARK
• INDY PARKS POOL

Property features AI

Exterior

• Parking: Carport
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Lot of about 0.21 acre

Interior

• Kitchen: Kitchen (14x11)
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level; Main-level bedroom (11x11); Upper-level bedroom (18x13)
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Living room (23x14); Additional large room/loft (35x18)
• Laundry & utility: Main-level laundry room (9x6)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 7.6% 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.
• 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).
• Market conditions: Rents rising (+2.6%/yr); 143 active listings in the ZIP; 30 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).
• This rent runs 30% of the median local income ($61k/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 $933 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 26y 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 $115k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,900

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.14% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• GRM: 7.3

CMA / ARV

• ARV (median comp): $258,946
• List price: $134,900
• Delta: -47.90%
• 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
827 N Hawthorne Ln	0.00mi	3/2.0	1,989 (0%)	1mo	$115,000	$58	99
445 N Emerson Ave	0.34mi	3/2.5	2,135 (+7%)	1mo	$249,900	$117	69
921 N Audubon Rd	0.51mi	3/2.0	1,872 (-6%)	1mo	$315,000	$168	66
1536 N Butler Ave	0.67mi	3/1.5	2,028 (+2%)	1mo	$238,000	$117	63
333 N Whittier Pl	0.36mi	4/2.0 (+1)	2,165 (+9%)	1mo	$299,334	$138	62
328 Lesley Ave	0.50mi	2/2.0 (-1)	2,120 (+7%)	1mo	$259,900	$123	60
1312 N Leland Ave	0.48mi	3/2.0	2,215 (+11%)	1mo	$260,000	$117	58
434 Wallace Ave	0.61mi	2/2.0 (-1)	2,096 (+5%)	1mo	$105,000	$50	57
1420 N Leland Ave	0.54mi	2/1.5 (-1)	2,156 (+8%)	1mo	$258,250	$120	53
960 N Audubon Rd	0.49mi	2/1.5 (-1)	1,737 (-13%)	2mo	$260,000	$150	47
827 Wallace Ave	0.53mi	2/1.0 (-1)	1,742 (-12%)	2mo	$176,000	$101	44
5855 E 10th St	0.71mi	2/1.0 (-1)	1,824 (-8%)	1mo	$205,000	$112	43

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-12,736
• Equity at exit: $20,114

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-641
• Equity at exit: $11,664

Cash invested: $37,772 (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 46219

• Rents YoY: 2.6%
• Active inventory: 143
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$707
• Tax from tax record: −$301 /mo · $3,613/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $151

Break-even live

Break-even rent $1,348

Max offer price $134,900

Occupancy floor 85%

Sensitivity live

Price	-10% $227	-5% $189	+0% $151	+5% $112	+10% $74
Rent	-10% $29	-5% $90	+0% $151	+5% $211	+10% $272
Rate	-1.0pp $219	-0.5pp $185	base $151	+0.5pp $116	+1.0pp $80

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	25d	1	0.28mi
5414 E 10th St Indianapolis, IN	3.0	2.0	2322	$1,850	$0.80	19d	1	0.31mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	16d	1	0.51mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	19d	1	0.53mi
117 N Riley Ave Indianapolis, IN	3.0	3.0	1664	$1,600	$0.96	21d	1	0.56mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	45d	1	0.83mi
642 N Colorado Ave Indianapolis, IN	3.0	2.0	1572	$1,450	$0.92	45d	1	0.87mi
614 N Colorado Ave Indianapolis, IN	2.0	2.0	1736	$1,200	$0.69	25d	1	0.88mi
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	45d	1	0.91mi
1742 N Whittier Pl Indianapolis, IN	2.0	1.0	1440	$995	$0.69	0d	1	0.92mi
1742 N Whittier Pl Indianapolis, IN	2.0	1.0	1440	$995	$0.69	12d	1	0.92mi
1414 Priscilla Ave Indianapolis, IN	3.0	2.0	2116	$2,000	$0.95	25d	1	0.92mi
1414 Priscilla Ave Indianapolis, IN	3.0	1.5	2116	$2,000	$0.95	12d	1	0.92mi
325 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	45d	1	0.97mi
323 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	45d	1	0.97mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	45d	1	0.99mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	45d	1	1.07mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	9d	1	1.10mi
1848 N Audubon Rd Indianapolis, IN	3.0	1.0	2180	$1,681	$0.77	25d	1	1.12mi
338 S Arlington Ave Indianapolis, IN	2.0	2.0	1303	$1,610	$1.24	25d	1	1.18mi
338 S Arlington Ave Apt 204 Indianapolis, IN	2.0	2.0	1303	$1,674	$1.28	16d	1	1.18mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	45d	1	1.23mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	45d	1	1.25mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	25d	1	1.33mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	9d	1	1.33mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	16d	1	1.38mi
405 S Sheridan Ave Indianapolis, IN	2.0	1.0	1700	$1,350	$0.79	19d	1	1.45mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	19d	1	1.48mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	25d	1	1.48mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	25d	1	1.48mi

Listing history 5 events

1. 2026-05-14
   listed $134,900 Active 692-char remark
2. 2002-06-10
   soldstatus $78,000 244-char remark

   Show marketing remark (244 chars)

   CLOSE TO ELLENBERGER PARK FROM THIS LARGE 3 BEDROOM 2 FULL BATH HOME IN IRVINGTON. UPSTAIRS BEDROOMS GREAT FOR OLDER CHILDREN. LARGE BACKYARD IS FENCED IN FOR CHILDREN'S SAFETY. GAS FURNACE AND CENTRAL AIR. ROOF AND WAT ER HEATER ARE ALL NEWER.

3. 2002-04-01
   listed $85,000 244-char remark

   Show marketing remark (244 chars)

   CLOSE TO ELLENBERGER PARK FROM THIS LARGE 3 BEDROOM 2 FULL BATH HOME IN IRVINGTON. UPSTAIRS BEDROOMS GREAT FOR OLDER CHILDREN. LARGE BACKYARD IS FENCED IN FOR CHILDREN'S SAFETY. GAS FURNACE AND CENTRAL AIR. ROOF AND WAT ER HEATER ARE ALL NEWER.

4. 2001-10-08
   historical
5. 2000-12-12
   listed $89,900

ⓘ 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: $3,613 · $301/mo
• Projected year-2 tax: $3,613 · $301/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 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: $18,460
• − Mortgage interest: −$7,556
• − Property taxes: −$3,613
• − Insurance: −$674
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$3,924
• Taxable loss: −$262
• Est. tax savings @ 24.0%: +$63
• After-tax cash flow: $1,870/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+27.9% since first listed

7 events — show timeline

• 2026-05-26 Sold (MLS) $115,000 MIBOR as Distributed by MLS Grid
• 2026-05-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2002-06-10 Sold (MLS) $78,000 MIBOR as Distributed by MLS Grid
• 2002-04-01 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2001-10-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-12-12 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2025): $3,613 · -7.6% YoY. Source: county tax records.