1743 S Meridian St · Indianapolis city (balance), IN 46225

$420,000

4 bd · 12.0 ba · 936 sqft · MultiFamily public records · 73 Days on market

Built 1911 1,800 sqft lot $449/sqft · 431% above area

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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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Rent growth +5.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Situated at 1743 S Meridian ST, INDIANAPOLIS, IN, USA, this FURNISHED distinguished triplex residence presents itself in great condition, offering an attractive property that invites exploration. The heart of this residence features a meticulously appointed culinary space, where a generously sized kitchen island provides an ideal surface for both preparation and casual gatherings, beautifully complemented by elegant shaker cabinets that offer extensive storage and a timeless aesthetic. Retreat to the thoughtfully designed bathroom, which boasts a luxurious tiled walk in shower, promising a spa-like experience, alongside a sophisticated double vanity that enhances both functionality and design. Further enhancing the living experience, a dedicated cinema room offers an exclusive haven for immersive entertainment, providing the perfect setting for cinematic enjoyment or engaging presentations. Outside, the property extends its allure with a welcoming porch, ideal for moments of quiet contemplation, and a private deck, offering an inviting space for outdoor leisure. The fenced backyard ensures a private outdoor environment, perfect for relaxation. This impressive triplex, thoughtfully arranged living area, reflecting a blend of enduring character and modern appeal. This distinguished triplex offers an exceptional opportunity for refined living and astute investment.

Key facts

• Double vanity
• Cinema room
• Tiled walk in shower

Tags

• KITCHEN ISLAND
• SHAKER CABINETS
• TILED WALK IN SHOWER
• DOUBLE VANITY
• CINEMA ROOM
• WELCOMING PORCH

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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.
• Market conditions: Rents rising fast (+11.0%/yr); 129 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $4,750/mo this rent would consume 103% of the median local household income ($55k/yr) (locally 311% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 + 8.0% rent growth), your $118k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $340k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.13% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 7.4

CMA / ARV

• ARV (median comp): $236,476
• List price: $420,000
• Delta: 77.61%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.27×
• Total profit: $31,539
• Equity at exit: $62,623

10-year hold

• IRR: 19.7%
• Equity multiple: 3.02×
• Total profit: $237,291
• Equity at exit: $36,314

Cash invested: $117,600 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $4,750 medium
• Mortgage (P&I): −$2,203
• Tax from tax record: −$203 /mo · $2,440/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$998
• Net cashflow: $1,172

Break-even live

Break-even rent $3,267

Max offer price $420,000

Occupancy floor 70%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$4,749
Total (3 units)			$4,750

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	43d	1	0.10mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	14d	1	0.19mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	43d	1	0.19mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	43d	1	0.59mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	19d	1	0.62mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	43d	1	0.92mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	23d	1	1.05mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	43d	1	1.15mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	3d	3	1.25mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$2,765	$2.53	1d	4	1.39mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	1d	54	1.42mi

Listing history 26 events

1. 2026-06-18
   days on market $420,000 Active 73 DOM
2. 2026-06-17
   days on market $420,000 Active 72 DOM
3. 2026-06-16
   days on market $420,000 Active 71 DOM
4. 2026-06-15
   days on market $420,000 Active 70 DOM
5. 2026-06-13
   days on market $420,000 Active 68 DOM
6. 2026-06-13
   pricedays on market $420,000 Active 67 DOM
7. 2026-06-09
   days on market $433,333 Active 64 DOM
8. 2026-06-08
   days on market $433,333 Active 63 DOM
9. 2026-06-07
   days on market $433,333 Active 62 DOM
10. 2026-06-03
    days on market $433,333 Active 58 DOM
11. 2026-06-02
    days on market $433,333 Active 57 DOM
12. 2026-06-01
    days on market $433,333 Active 56 DOM
13. 2026-05-31
    days on market $433,333 Active 55 DOM
14. 2026-05-07
    price $444,444 1384-char remark

    Show marketing remark (1384 chars)

    Situated at 1743 S Meridian ST, INDIANAPOLIS, IN, USA, this FURNISHED distinguished triplex residence presents itself in great condition, offering an attractive property that invites exploration. The heart of this residence features a meticulously appointed culinary space, where a generously sized kitchen island provides an ideal surface for both preparation and casual gatherings, beautifully complemented by elegant shaker cabinets that offer extensive storage and a timeless aesthetic. Retreat to the thoughtfully designed bathroom, which boasts a luxurious tiled walk in shower, promising a spa-like experience, alongside a sophisticated double vanity that enhances both functionality and design. Further enhancing the living experience, a dedicated cinema room offers an exclusive haven for immersive entertainment, providing the perfect setting for cinematic enjoyment or engaging presentations. Outside, the property extends its allure with a welcoming porch, ideal for moments of quiet contemplation, and a private deck, offering an inviting space for outdoor leisure. The fenced backyard ensures a private outdoor environment, perfect for relaxation. This impressive triplex, thoughtfully arranged living area, reflecting a blend of enduring character and modern appeal. This distinguished triplex offers an exceptional opportunity for refined living and astute investment.

15. 2026-04-06
    historical
16. 2026-02-11
    listed $449,900 Active 1384-char remark

    Show marketing remark (1384 chars)

    Situated at 1743 S Meridian ST, INDIANAPOLIS, IN, USA, this FURNISHED distinguished triplex residence presents itself in great condition, offering an attractive property that invites exploration. The heart of this residence features a meticulously appointed culinary space, where a generously sized kitchen island provides an ideal surface for both preparation and casual gatherings, beautifully complemented by elegant shaker cabinets that offer extensive storage and a timeless aesthetic. Retreat to the thoughtfully designed bathroom, which boasts a luxurious tiled walk in shower, promising a spa-like experience, alongside a sophisticated double vanity that enhances both functionality and design. Further enhancing the living experience, a dedicated cinema room offers an exclusive haven for immersive entertainment, providing the perfect setting for cinematic enjoyment or engaging presentations. Outside, the property extends its allure with a welcoming porch, ideal for moments of quiet contemplation, and a private deck, offering an inviting space for outdoor leisure. The fenced backyard ensures a private outdoor environment, perfect for relaxation. This impressive triplex, thoughtfully arranged living area, reflecting a blend of enduring character and modern appeal. This distinguished triplex offers an exceptional opportunity for refined living and astute investment.

17. 2026-02-11
    listed $449,900 Active

    Show marketing remark (1384 chars)

    Situated at 1743 S Meridian ST, INDIANAPOLIS, IN, USA, this FURNISHED distinguished triplex residence presents itself in great condition, offering an attractive property that invites exploration. The heart of this residence features a meticulously appointed culinary space, where a generously sized kitchen island provides an ideal surface for both preparation and casual gatherings, beautifully complemented by elegant shaker cabinets that offer extensive storage and a timeless aesthetic. Retreat to the thoughtfully designed bathroom, which boasts a luxurious tiled walk in shower, promising a spa-like experience, alongside a sophisticated double vanity that enhances both functionality and design. Further enhancing the living experience, a dedicated cinema room offers an exclusive haven for immersive entertainment, providing the perfect setting for cinematic enjoyment or engaging presentations. Outside, the property extends its allure with a welcoming porch, ideal for moments of quiet contemplation, and a private deck, offering an inviting space for outdoor leisure. The fenced backyard ensures a private outdoor environment, perfect for relaxation. This impressive triplex, thoughtfully arranged living area, reflecting a blend of enduring character and modern appeal. This distinguished triplex offers an exceptional opportunity for refined living and astute investment.

18. 2021-09-30
    soldstatus $340,000 Closed
19. 2021-07-21
    status Pending
20. 2021-07-06
    listed $330,000 Active
21. 2021-02-16
    soldstatus $75,000 Closed
22. 2021-02-02
    status Pending
23. 2021-01-28
    listed $69,900 Active
24. 2016-09-30
    soldstatus $15,000 Sold
25. 2016-09-10
    status Pending
26. 2016-08-26
    listed $19,900 Active

ⓘ 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: $2,440 · $203/mo
• Projected year-2 tax: $3,005 · $250/mo
• Expected delta: +$565/yr (+$47/mo · 23.1%)

ⓘ 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 100% 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: $57,000
• − Mortgage interest: −$23,527
• − Property taxes: −$2,440
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,560
• − Management: −$4,560
• − Depreciation: −$12,218
• Taxable income: $7,595
• Est. tax owed @ 24.0%: −$1,823
• After-tax cash flow: $12,237/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+2133.4% since first listed

13 events — show timeline

• 2026-05-07 Price Changed $444,444 MIBOR as Distributed by MLS Grid
• 2026-04-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-11 Listed $449,900 MIBOR as Distributed by MLS Grid
• 2026-02-11 Listed $449,900 MIBOR as Distributed by MLS Grid
• 2021-09-30 Sold (MLS) $340,000 MIBOR as Distributed by MLS Grid
• 2021-07-21 Pending — MIBOR as Distributed by MLS Grid
• 2021-07-06 Listed $330,000 MIBOR as Distributed by MLS Grid
• 2021-02-16 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2021-02-02 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-28 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2016-09-30 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2016-09-10 Pending — MIBOR as Distributed by MLS Grid
• 2016-08-26 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+36.0%/yr

Latest (2021): $2,440 · +10.1% YoY. Source: county tax records.