3302 Wellington Ave · Indianapolis city (balance), IN 46226

$144,900

3 bd · 1.0 ba · 900 sqft · SingleFamily public records · 37 Days on market

Built 1959 7,187 sqft lot $161/sqft · 7% below area Est $156k · 7% under

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Why this score? — see what drove the D 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 +13.3/30.0
• ARV discount +10.8/15.0
• 1% rule +4.7/10.0
• Rent growth +4.2/5.0
• DSCR +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing price on this ranch home in Warren Township outside of the loop. Completely remodeled & move-in ready, this home could be a great addition to a rental portfolio or an incredible price for a home owner. Located on dead end street in popular neighborhood of long time owners. Home features workshop/storage in Garage, spacious Family Room, large Master Bedroom & lots of cabinet space in Kitcen. Updates include fresh paint, newer carpet/pad & vinyl flooring, HVAC, water heater, vinyl replacement double hung windows, ceiling fans/lights, countertops, bath fixtures, garage door opener, additional electric W/D hookup, storm door & more! Low taxes & energy efficient. This is a must see!

Key facts

• 7,187 sq ft lot
• Garage
• Built 1959

Property features AI

Exterior

• Parking: Attached garage with storage and workshop space; Garage has a service door and garage door opener; One garage space
• Security: Fire sprinkler system; Smoke detector(s)
• Utilities: Public water; Municipal sewer connection; Natural gas available/connected; Circuit breaker electrical service; Cable available; Solid waste service
• Home design: Single-family residence; One story
• Construction: Stone and vinyl siding exterior; Slab foundation
• Exterior features: Covered patio; Patio; Privacy fence; Storage shed; Mature trees; Wooded lot; Sidewalks; Storm sewer

Interior

• Kitchen: Electric oven; Range hood; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Painted woodwork; Smoke alarm
• Laundry & utility: Washer and dryer included; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $1 ($9/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (3.3% below list).
• Recommended offer: $140k (3.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 D — 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 78% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 153 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 33% of the median local income ($50k/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 $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

• It's been on market 37 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 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 $69k; list at $145k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,118 (3.3% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 8.6

CMA / ARV

• ARV (median comp): $156,458
• List price: $144,900
• Delta: -7.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3243 Wellington Ave	0.09mi	3/1.0	900 (0%)	3mo	$145,000	$161	93
7838 Ridgewood Dr	0.08mi	3/1.5	936 (+4%)	4mo	$135,000	$144	85
3516 Wellington Ave	0.27mi	3/1.5	936 (+4%)	14mo	$133,000	$142	67
3150 N Huber St	0.21mi	3/1.0	962 (+7%)	18mo	$120,000	$125	63
7510 E 34th St	0.32mi	3/1.0	1,008 (+12%)	4mo	$123,000	$122	62
3117 Roseway Dr	0.32mi	3/1.0	1,000 (+11%)	8mo	$169,900	$170	60
7245 E 35th St	0.55mi	3/1.0	957 (+6%)	9mo	$122,000	$127	57
7843 Huber Ct	0.34mi	3/1.0	1,000 (+11%)	16mo	$194,900	$195	53
3732 Wellington Ave	0.44mi	3/1.0	999 (+11%)	11mo	$145,000	$145	52
8138 E 34th Pl	0.38mi	2/1.0 (-1)	1,025 (+14%)	5mo	$145,000	$141	50
8209 E 36th Pl	0.51mi	3/2.0	959 (+7%)	16mo	$191,000	$199	48
8144 E 34th St	0.37mi	3/1.0	1,025 (+14%)	20mo	$160,000	$156	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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.56×
• Total profit: $-17,848
• Equity at exit: $21,605

10-year hold

• IRR: 2.7%
• Equity multiple: 1.23×
• Total profit: $9,257
• Equity at exit: $12,528

Cash invested: $40,572 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,401 high
• Mortgage (P&I): −$760
• Tax from tax record: −$286 /mo · $3,432/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $1

Break-even live

Break-even rent $1,400

Max offer price $144,900

Occupancy floor 95%

Sensitivity live

Price	-10% $83	-5% $42	+0% $1	+5% $-40	+10% $-81
Rent	-10% $-110	-5% $-55	+0% $1	+5% $56	+10% $111
Rate	-1.0pp $74	-0.5pp $38	base $1	+0.5pp $-37	+1.0pp $-75

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	46d	1	0.05mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	26d	1	0.05mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	12d	1	0.10mi
8124 E 37th Pl Indianapolis, IN	3.0	1.0	925	$1,350	$1.46	0d	1	0.66mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	46d	1	0.71mi
7171 Twin Oaks Dr Indianapolis, IN	3.0	1.0–1.5	801	$1,399	$1.75	26d	9	0.75mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	46d	1	0.77mi
7845 Bonita Ct Indianapolis, IN	3.0	1.0	1073	$1,400	$1.30	9d	1	0.84mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	16d	1	0.86mi
7910 Roy Rd Indianapolis, IN	3.0	1.0	1073	$1,445	$1.35	26d	1	0.88mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	26d	1	1.03mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	17d	1	1.10mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	5d	1	1.20mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	5d	6	1.24mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	46d	1	1.26mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	20d	1	1.26mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	9d	1	1.40mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	46d	1	1.41mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	26d	1	1.47mi

Listing history 28 events

1. 2026-06-21
   days on market $144,900 Active 37 DOM
2. 2026-06-18
   days on market $144,900 Active 34 DOM
3. 2026-06-17
   days on market $144,900 Active 33 DOM
4. 2026-06-16
   days on market $144,900 Active 32 DOM
5. 2026-06-15
   days on market $144,900 Active 31 DOM
6. 2026-06-13
   days on market $144,900 Active 29 DOM
7. 2026-06-13
   days on market $144,900 Active 28 DOM
8. 2026-06-09
   days on market $144,900 Active 25 DOM
9. 2026-06-08
   days on market $144,900 Active 24 DOM
10. 2026-06-07
    days on market $144,900 Active 23 DOM
11. 2026-06-03
    days on market $144,900 Active 19 DOM
12. 2026-06-02
    days on market $144,900 Active 18 DOM
13. 2026-06-01
    days on market $144,900 Active 17 DOM
14. 2026-05-31
    days on market $144,900 Active 16 DOM
15. 2026-05-15
    listed $144,900 Active 605-char remark
16. 2019-04-30
    soldstatus $69,000
17. 2019-04-22
    soldstatus $69,000 Sold 714-char remark

    Show marketing remark (714 chars)

    Amazing price on this ranch home in Warren Township outside of the loop. Completely remodeled & move-in ready, this home could be a great addition to a rental portfolio or an incredible price for a home owner. Located on dead end street in popular neighborhood of long time owners. Home features workshop/storage in Garage, spacious Family Room, large Master Bedroom & lots of cabinet space in Kitcen. Updates include fresh paint, newer carpet/pad & vinyl flooring, HVAC, water heater, vinyl replacement double hung windows, ceiling fans/lights, countertops, bath fixtures, garage door opener, additional electric W/D hookup, storm door & more! Low taxes & energy efficient. This is a must see!

18. 2019-04-04
    status Pending 714-char remark

    Show marketing remark (714 chars)

    Amazing price on this ranch home in Warren Township outside of the loop. Completely remodeled & move-in ready, this home could be a great addition to a rental portfolio or an incredible price for a home owner. Located on dead end street in popular neighborhood of long time owners. Home features workshop/storage in Garage, spacious Family Room, large Master Bedroom & lots of cabinet space in Kitcen. Updates include fresh paint, newer carpet/pad & vinyl flooring, HVAC, water heater, vinyl replacement double hung windows, ceiling fans/lights, countertops, bath fixtures, garage door opener, additional electric W/D hookup, storm door & more! Low taxes & energy efficient. This is a must see!

19. 2019-03-28
    listed $78,500 Active 714-char remark

    Show marketing remark (714 chars)

    Amazing price on this ranch home in Warren Township outside of the loop. Completely remodeled & move-in ready, this home could be a great addition to a rental portfolio or an incredible price for a home owner. Located on dead end street in popular neighborhood of long time owners. Home features workshop/storage in Garage, spacious Family Room, large Master Bedroom & lots of cabinet space in Kitcen. Updates include fresh paint, newer carpet/pad & vinyl flooring, HVAC, water heater, vinyl replacement double hung windows, ceiling fans/lights, countertops, bath fixtures, garage door opener, additional electric W/D hookup, storm door & more! Low taxes & energy efficient. This is a must see!

20. 2016-02-29
    status Pending
21. 2016-02-29
    historical
22. 2015-12-14
    price $69,900
23. 2015-12-14
    status Active
24. 2015-11-25
    historical
25. 2015-08-26
    listed $74,900 Active
26. 2001-03-16
    soldstatus $66,634
27. 2001-01-26
    historical
28. 2000-07-26
    listed $73,900

ⓘ 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: $3,432 · $286/mo
• Projected year-2 tax: $3,432 · $286/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,814
• − Mortgage interest: −$8,117
• − Property taxes: −$3,432
• − Insurance: −$724
• − Repairs & maintenance: −$1,345
• − Management: −$1,345
• − Depreciation: −$4,215
• Taxable loss: −$2,364
• Est. tax savings @ 24.0%: +$567
• After-tax cash flow: $576/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+96.1% since first listed

14 events — show timeline

• 2026-05-15 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2019-04-30 Sold (Public Records) $69,000 Public Records
• 2019-04-22 Sold (MLS) $69,000 MIBOR as Distributed by MLS Grid
• 2019-04-04 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-28 Listed $78,500 MIBOR as Distributed by MLS Grid
• 2016-02-29 Pending — MIBOR as Distributed by MLS Grid
• 2016-02-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-12-14 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2015-12-14 Relisted — MIBOR as Distributed by MLS Grid
• 2015-11-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-08-26 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2001-03-16 Sold (Public Records) $66,634 Public Records
• 2001-01-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-07-26 Listed $73,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2025): $3,432 · +25.8% YoY. Source: county tax records.