518 S State Ave · Indianapolis city (balance), IN 46203

$59,999

1 bd · 1.0 ba · 368 sqft · MultiFamily public records · 5 Days on market

Built 1930 1,220 sqft lot

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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 +3.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Opportunity awaits in the Fountain Square area! This 2-bedroom, 1-bath home offers flexibility for a variety of buyers, whether you're seeking a primary residence, rental property, or investment opportunity. Previously utilized as a professionally managed rental, the property is conveniently located near local dining, entertainment, and downtown Indianapolis. Explore the possibilities and make it your own.

Key facts

• 1,220 sq ft lot
• Built 1930
• Listed 5 days

Property features AI

Finance

• Other: GPS-friendly directions
• Financial info: No financial or investor-specific details provided
• HOA & community: No accessibility features listed

Exterior

• Parking: No parking details provided
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Block construction; Crawl space foundation
• Exterior features: Lot smaller than 1/4 acre

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: No specific flooring details provided
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Window air conditioning unit(s)
• Interior features: Painted woodwork; Smoke detector(s)
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 13.7% 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 (+2.9%/yr); 493 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 $415 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 + 2.9% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts 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: property tax is 2.7% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,999

Questions for the listing agent

1. Built in 1930 — 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 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: 1.78% ✓
• Cap rate: 13.70%
• Cash-on-cash: 26.46%
• DSCR: 2.18
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.82×
• Total profit: $13,791
• Equity at exit: $8,946

10-year hold

• IRR: 28.3%
• Equity multiple: 3.50×
• Total profit: $42,068
• Equity at exit: $5,188

Cash invested: $16,800 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,067 high
• Mortgage (P&I): −$315
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $370

Break-even live

Break-even rent $598

Max offer price $59,999

Occupancy floor 60%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	43d	1	0.49mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,614	$0.57	1d	13	0.51mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$1,648	$2.38	1d	8	0.55mi
1413 Washington St Indianapolis, IN	—	1.0	350	$800	$2.29	43d	1	0.57mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$1,441	$1.71	1d	53	1.15mi
340 Prospect St Unit 21 Indianapolis, IN	1.0	1.0	370	$725	$1.96	11d	1	1.23mi
340 Prospect St #22 Indianapolis, IN	1.0	1.0	370	$725	$1.96	14d	1	1.23mi
336 Prospect St Indianapolis, IN	1.0	1.0	450	$772	$1.72	12d	2	1.23mi
423 E Michigan St Indianapolis, IN	2.0	2.0	632	$1,971	$3.12	3d	10	1.40mi

Listing history 4 events

1. 2026-06-09
   status $59,999 Pending 5 DOM
2. 2026-06-08
   days on market $59,999 Active 5 DOM
3. 2026-06-07
   remarks 409-char remark
4. 2026-06-07
   listed $59,999 Active 4 DOM

ⓘ 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: $1,591 · $133/mo
• Projected year-2 tax: $1,591 · $133/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 5/10 Major FEMA zone X (unshaded) · 66% 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,799
• − Mortgage interest: −$3,361
• − Property taxes: −$1,591
• − Insurance: −$300
• − Repairs & maintenance: −$1,024
• − Management: −$1,024
• − Depreciation: −$1,745
• Taxable income: $3,754
• Est. tax owed @ 24.0%: −$901
• After-tax cash flow: $3,544/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

16 events — show timeline

• 2026-06-03 Listed $59,999 MIBOR as Distributed by MLS Grid
• 2026-05-22 Rental Removed $725 APPFOLIO
• 2026-05-01 Price Changed $725 APPFOLIO
• 2026-04-04 Listed for Rent $825 APPFOLIO
• 2026-03-09 Rental Removed $825 RENTALBEAST
• 2026-01-20 Listed for Rent $825 RENTALBEAST
• 2026-01-13 Rental Removed $825 RENTALBEAST
• 2026-01-04 Listed for Rent $825 RENTALBEAST
• 2025-12-21 Rental Removed $825 RENTALBEAST
• 2025-12-16 Listed for Rent $825 RENTALBEAST
• 2025-12-11 Rental Removed $825 PROPERTYWARE
• 2025-12-09 Listed for Rent $825 PROPERTYWARE
• 2025-12-03 Rental Removed $825 PROPERTYWARE
• 2025-10-31 Price Changed $825 PROPERTYWARE
• 2025-10-25 Price Changed $850 PROPERTYWARE
• 2025-10-16 Listed for Rent $900 PROPERTYWARE

Property tax history

+11.2%/yr

Latest (2025): $1,591 · +4.6% YoY. Source: county tax records.