1241 Shepard St · Indianapolis city (balance), IN 46221

$154,900

2 bd · 2.0 ba · 938 sqft · MultiFamily public records · 36 Days on market

Built 1920 5,227 sqft lot $165/sqft · 80% above area Est $172k · 10% under

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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
• ARV discount +12.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +2.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Fully occupied duplex exceeding the 1% rule! This property offers 2 bedrooms and 1 bathroom per side. Both sides have spacious main levels with the bathroom, and both bedrooms are upstairs. Tenants are able to enjoy the convenience of a detached garage for storage or parking as well. Both sides are occupied with rent totaling $1635/month. Both tenants have been living in the property for multiple terms, so the rent is stable. Tenants pay all utilities as well as there is additional pet rent. This property has a great location and great cash flow, so don't miss out! Photos were taken prior to tenancy and condition may differ. Meant to show layout and finishes.

Key facts

• 5,227 sq ft lot
• 3 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $741 ($9k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+1.8%/yr); 43 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 42% of the median local income ($65k/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 $1k of loan paydown is wiped out by about $5k 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 + 1.8% rent growth), your $43k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $92k; list at $155k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.48% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.50%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $172,293
• List price: $154,900
• Delta: -10.09%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1229 S Belmont Ave	0.19mi	3/3.0 (+1)	858 (-8%)	4mo	$98,000	$114	64
630 Arbor Ave	0.71mi	1/1.0 (-1)	1,040 (+11%)	10mo	$141,600	$136	32

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.45×
• Total profit: $19,356
• Equity at exit: $23,096

10-year hold

• IRR: 19.4%
• Equity multiple: 2.54×
• Total profit: $66,696
• Equity at exit: $13,393

Cash invested: $43,372 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,296 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$196 /mo · $2,354/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $741

Break-even live

Break-even rent $1,358

Max offer price $154,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,296
Total (2 units)			$2,296

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	43d	1	0.07mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	3d	1	0.15mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	14d	2	0.15mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	7d	1	0.16mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	21d	1	0.17mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	23d	1	0.33mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	43d	1	0.67mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	3d	1	0.71mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	2d	1	1.15mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	43d	1	1.15mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	23d	1	1.17mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	16d	1	1.40mi

Listing history 17 events

1. 2026-06-13
   statusdays on market $154,900 Pending 36 DOM
2. 2026-06-09
   days on market $154,900 Active 35 DOM
3. 2026-06-08
   days on market $154,900 Active 34 DOM
4. 2026-06-07
   days on market $154,900 Active 33 DOM
5. 2026-06-03
   status $154,900 Active 29 DOM
6. 2026-05-18
   price $154,900 667-char remark

   Show marketing remark (667 chars)

   Fully occupied duplex exceeding the 1% rule! This property offers 2 bedrooms and 1 bathroom per side. Both sides have spacious main levels with the bathroom, and both bedrooms are upstairs. Tenants are able to enjoy the convenience of a detached garage for storage or parking as well. Both sides are occupied with rent totaling $1635/month. Both tenants have been living in the property for multiple terms, so the rent is stable. Tenants pay all utilities as well as there is additional pet rent. This property has a great location and great cash flow, so don't miss out! Photos were taken prior to tenancy and condition may differ. Meant to show layout and finishes.

7. 2026-05-11
   status Active 667-char remark

   Show marketing remark (667 chars)

   Fully occupied duplex exceeding the 1% rule! This property offers 2 bedrooms and 1 bathroom per side. Both sides have spacious main levels with the bathroom, and both bedrooms are upstairs. Tenants are able to enjoy the convenience of a detached garage for storage or parking as well. Both sides are occupied with rent totaling $1635/month. Both tenants have been living in the property for multiple terms, so the rent is stable. Tenants pay all utilities as well as there is additional pet rent. This property has a great location and great cash flow, so don't miss out! Photos were taken prior to tenancy and condition may differ. Meant to show layout and finishes.

8. 2026-04-24
   status Pending 667-char remark

   Show marketing remark (667 chars)

   Fully occupied duplex exceeding the 1% rule! This property offers 2 bedrooms and 1 bathroom per side. Both sides have spacious main levels with the bathroom, and both bedrooms are upstairs. Tenants are able to enjoy the convenience of a detached garage for storage or parking as well. Both sides are occupied with rent totaling $1635/month. Both tenants have been living in the property for multiple terms, so the rent is stable. Tenants pay all utilities as well as there is additional pet rent. This property has a great location and great cash flow, so don't miss out! Photos were taken prior to tenancy and condition may differ. Meant to show layout and finishes.

9. 2026-04-11
   listed $159,900 Active 667-char remark

   Show marketing remark (667 chars)

   Fully occupied duplex exceeding the 1% rule! This property offers 2 bedrooms and 1 bathroom per side. Both sides have spacious main levels with the bathroom, and both bedrooms are upstairs. Tenants are able to enjoy the convenience of a detached garage for storage or parking as well. Both sides are occupied with rent totaling $1635/month. Both tenants have been living in the property for multiple terms, so the rent is stable. Tenants pay all utilities as well as there is additional pet rent. This property has a great location and great cash flow, so don't miss out! Photos were taken prior to tenancy and condition may differ. Meant to show layout and finishes.

10. 2021-12-03
    soldstatus $92,000 Closed 469-char remark

    Show marketing remark (469 chars)

    Are you looking for a property to add to your portfolio or become a savvy investor by residing in one side any allowing the other side to pay your mortgage? Then this is the property for you! This is a bigger, 2 story property with 2 bedrooms and 1 bathroom per side with a sizable living and dining area space. Hardwoods through most of the home with full basements. There is also a garage in the rear as a value add option! Check out this wonderful opportunity today!

11. 2021-11-18
    status Pending 469-char remark

    Show marketing remark (469 chars)

    Are you looking for a property to add to your portfolio or become a savvy investor by residing in one side any allowing the other side to pay your mortgage? Then this is the property for you! This is a bigger, 2 story property with 2 bedrooms and 1 bathroom per side with a sizable living and dining area space. Hardwoods through most of the home with full basements. There is also a garage in the rear as a value add option! Check out this wonderful opportunity today!

12. 2021-11-17
    listed $115,000 Active 469-char remark

    Show marketing remark (469 chars)

    Are you looking for a property to add to your portfolio or become a savvy investor by residing in one side any allowing the other side to pay your mortgage? Then this is the property for you! This is a bigger, 2 story property with 2 bedrooms and 1 bathroom per side with a sizable living and dining area space. Hardwoods through most of the home with full basements. There is also a garage in the rear as a value add option! Check out this wonderful opportunity today!

13. 2007-07-03
    listed $22,900
14. 2005-08-23
    soldstatus $56,900
15. 2005-04-22
    listed $56,900
16. 2004-09-30
    historical
17. 2004-04-06
    listed $64,900

ⓘ 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: $2,354 · $196/mo
• Projected year-2 tax: $2,354 · $196/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 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: $27,552
• − Mortgage interest: −$8,677
• − Property taxes: −$2,354
• − Insurance: −$774
• − Repairs & maintenance: −$2,204
• − Management: −$2,204
• − Depreciation: −$4,506
• Taxable income: $6,832
• Est. tax owed @ 24.0%: −$1,640
• After-tax cash flow: $7,250/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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 (69%)
• Race & ethnicity: White 69% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+138.7% since first listed

12 events — show timeline

• 2026-05-18 Price Changed $154,900 MIBOR as Distributed by MLS Grid
• 2026-05-11 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-11 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2021-12-03 Sold (MLS) $92,000 MIBOR as Distributed by MLS Grid
• 2021-11-18 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-17 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2007-07-03 Listed $22,900 MIBOR as Distributed by MLS Grid
• 2005-08-23 Sold (MLS) $56,900 MIBOR as Distributed by MLS Grid
• 2005-04-22 Listed $56,900 MIBOR as Distributed by MLS Grid
• 2004-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-04-06 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2025): $2,354 · +9.6% YoY. Source: county tax records.