2403 Eastwood Dr · Indianapolis city (balance), IN 46219

$155,000

3 bd · 2.0 ba · 1,852 sqft · SingleFamily public records · 32 Days on market

Built 1959 9,496 sqft lot $84/sqft · 12% below area Est $177k · 12% under ↓ 6% since listing

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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 +20.8/30.0
• ARV discount +13.1/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• 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

Listing remarks MLS

Value-add ranch style- fixer upper located near downtown Indianapolis, ideal for investors or buyers seeking renovation potential. This 3-bedroom, 2-bath home sits on a corner lot and offers an attached garage with mature landscaping. The property supports multiple strategies including fix and flip, fix and rent, or renovation for owner occupancy. Proximity to downtown Indianapolis amenities, shopping, dining, and local attractions enhances long-term rental and resale appeal. An excellent opportunity for those looking to add value in Marion County.

Key facts

• Attached garage
• Mature landscaping
• Corner lot

Tags

• CORNER LOT
• ATTACHED GARAGE
• MATURE LANDSCAPING
• PROXIMITY TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• 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 7.9% 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 (+2.6%/yr); 140 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($61k/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.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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. 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 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: 1.01% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.86%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $176,929
• List price: $155,000
• Delta: -12.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2442 N Franklin Rd	0.22mi	3/1.0	1,875 (+1%)	11mo	$178,000	$95	75
8041 Barry Rd	0.33mi	4/2.0 (+1)	1,760 (-5%)	9mo	$237,000	$135	64
8224 Barry Rd	0.46mi	3/1.0	1,860 (+0%)	13mo	$178,000	$96	62
2451 Sickle Rd	0.31mi	3/2.5	1,760 (-5%)	16mo	$215,000	$122	62
2410 Sickle Rd	0.28mi	3/1.5	1,774 (-4%)	21mo	$210,000	$118	60
8103 Laughlin Dr	0.33mi	4/1.5 (+1)	1,960 (+6%)	11mo	$204,000	$104	59
2419 N Eaton Ave	0.56mi	3/2.0	1,676 (-10%)	5mo	$165,000	$98	54
2444 N Eaton Ave	0.54mi	3/1.5	1,676 (-10%)	19mo	$167,000	$100	41
8327 Crousore Rd	0.53mi	4/2.0 (+1)	1,676 (-10%)	17mo	$231,000	$138	40
2644 Sickle Rd	0.39mi	4/1.5 (+1)	1,593 (-14%)	16mo	$199,900	$125	38
2447 N Eaton Ave	0.57mi	3/1.0	1,676 (-10%)	19mo	$185,000	$110	38
2626 N Devon Ave	0.52mi	3/1.0	1,681 (-9%)	23mo	$175,000	$104	38

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-12,206
• Equity at exit: $23,111

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $4,363
• Equity at exit: $13,402

Cash invested: $43,400 (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 46219

• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,562 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$144 /mo · $1,733/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $212

Break-even live

Break-even rent $1,293

Max offer price $155,000

Occupancy floor 81%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	23d	1	1.17mi

Listing history 2 events

1. 2026-05-15
   price $155,000 554-char remark

   Show marketing remark (554 chars)

   Value-add ranch style- fixer upper located near downtown Indianapolis, ideal for investors or buyers seeking renovation potential. This 3-bedroom, 2-bath home sits on a corner lot and offers an attached garage with mature landscaping. The property supports multiple strategies including fix and flip, fix and rent, or renovation for owner occupancy. Proximity to downtown Indianapolis amenities, shopping, dining, and local attractions enhances long-term rental and resale appeal. An excellent opportunity for those looking to add value in Marion County.

2. 2026-04-19
   listed $165,000 Active 554-char remark

   Show marketing remark (554 chars)

   Value-add ranch style- fixer upper located near downtown Indianapolis, ideal for investors or buyers seeking renovation potential. This 3-bedroom, 2-bath home sits on a corner lot and offers an attached garage with mature landscaping. The property supports multiple strategies including fix and flip, fix and rent, or renovation for owner occupancy. Proximity to downtown Indianapolis amenities, shopping, dining, and local attractions enhances long-term rental and resale appeal. An excellent opportunity for those looking to add value in Marion County.

ⓘ 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: $1,733 · $144/mo
• Projected year-2 tax: $1,733 · $144/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 6/10 Major FEMA zone X (unshaded) · 72% 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: $18,741
• − Mortgage interest: −$8,682
• − Property taxes: −$1,733
• − Insurance: −$775
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$4,509
• Taxable income: $42
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $2,533/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

-6.1% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2026-04-19 Listed $165,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $1,733 · +17.9% YoY. Source: county tax records.