2858 N Kenwood Ave · Indianapolis city (balance), IN 46208

$24,900

2 bd · 1.0 ba · 1,053 sqft · Condo public records · 187 Days on market

Built 1910 $24/sqft · 87% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

Key facts

• Built 1910
• Listed 187 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $25k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 50.2% 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.
• Market conditions: Rents rising fast (+6.4%/yr); 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 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 + 6.4% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $15k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 5.51% ✓
• Cap rate: 50.21%
• Cash-on-cash: 156.86%
• DSCR: 7.98
• GRM: 1.5

CMA / ARV

• ARV (median comp): $278,325
• List price: $24,900
• Delta: -91.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.45×
• Total profit: $58,926
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 22.18×
• Total profit: $147,696
• Equity at exit: $2,153

Cash invested: $6,972 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,371 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $911

Break-even live

Break-even rent $218

Max offer price $24,900

Occupancy floor 29%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	23d	1	0.12mi
1 W 28th St Indianapolis, IN	1.0	1.0	656	$970	$1.48	2d	15	0.19mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	0.29mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	7d	8	0.30mi
2901 N Talbott St Indianapolis, IN	3.0	1.5	1388	$1,400	$1.01	43d	1	0.32mi
2801 N Talbott St Unit A Indianapolis, IN	3.0	2.0	1296	$1,850	$1.43	43d	1	0.33mi
2813 N Talbott St Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	43d	1	0.33mi
2809 N Talbott St Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	43d	1	0.33mi
2805 N Talbott St Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	43d	1	0.33mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	0.36mi
2925 N Delaware St Indianapolis, IN	3.0	1.5	1322	$1,275	$0.96	23d	1	0.38mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	43d	1	0.39mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	43d	1	0.42mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	23d	1	0.47mi
2437 N Pennsylvania St Indianapolis, IN	3.0	2.0	1400	$1,650	$1.18	23d	1	0.47mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.50mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	23d	1	0.50mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	19d	1	0.51mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	43d	1	0.53mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	23d	1	0.54mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	43d	3	0.57mi
2318 N Capitol Ave Indianapolis, IN	3.0	1.0	1440	$1,050	$0.73	43d	1	0.59mi
2920 Ruckle St Indianapolis, IN	3.0	1.5	1272	$1,700	$1.34	7d	1	0.61mi
118 W 23rd St Indianapolis, IN	3.0	1.5	1456	$1,300	$0.89	10d	1	0.61mi
2950 Ruckle St Indianapolis, IN	3.0	1.0	1450	$1,300	$0.90	43d	1	0.62mi
2334 N Delaware St Unit B Indianapolis, IN	1.0	1.0	740	$1,400	$1.89	43d	1	0.64mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	0.66mi
2830 N Park Ave Indianapolis, IN	2.0	3.0	1500	$1,600	$1.07	43d	1	0.67mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	0.67mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	0.68mi
2958 N Park Ave Unit 2958 Indianapolis, IN	3.0	1.5	1350	$1,450	$1.07	2d	1	0.68mi
2960 N Park Ave Indianapolis, IN	3.0	2.0	1400	$1,595	$1.14	43d	1	0.68mi
2960 N Park Ave Indianapolis, IN	3.0	1.5	1400	$1,550	$1.11	23d	1	0.68mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.74mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.75mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	0.76mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	0.78mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	43d	1	0.78mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.79mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	0.79mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-12
   status Pending 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

2. 2026-04-29
   status Active 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

3. 2026-04-16
   status Pending 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

4. 2026-02-19
   price $24,900 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

5. 2025-12-10
   price $34,900 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

6. 2025-10-24
   listed $39,900 Active 519-char remark

   Show marketing remark (519 chars)

   Two-Story Condo being sold, 1 unit/half of the building. Bring your vision as there is plenty of upside here. Blocks to The Children's Museum, as well as universities, museums, restaurants, and downtown amenities. Exterior features covered front porch, off-street parking, vinyl windows, and vinyl exterior. Interior includes raised ceilings, some hardwood floors, and open palette. Needs updates and repairs. Looking for the next project and ready to create? Push yourself and see the fruit of your labor come to life.

7. 2025-07-15
   status Active
8. 2025-06-24
   status Pending
9. 2025-06-19
   listed $49,000 Active
10. 2024-11-13
    historical
11. 2024-07-08
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 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: $16,457
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$724
• Taxable income: $11,207
• Est. tax owed @ 24.0%: −$2,690
• After-tax cash flow: $8,247/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

-80.1% since first listed

11 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-29 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-19 Price Changed $24,900 MIBOR as Distributed by MLS Grid
• 2025-12-10 Price Changed $34,900 MIBOR as Distributed by MLS Grid
• 2025-10-24 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2025-07-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-06-24 Pending — MIBOR as Distributed by MLS Grid
• 2025-06-19 Listed $49,000 MIBOR as Distributed by MLS Grid
• 2024-11-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-07-08 Listed $125,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.8%/yr

Latest (2025): $4,217 · +14.8% YoY. Source: county tax records.