1920 E Washington St · Indianapolis city (balance), IN 46201

$360,000

5 bd · 12.0 ba · 2,604 sqft · MultiFamily public records · 1 Days on market

Built 1915 3,824 sqft lot Est $346k · at est.

---

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 +19.9/30.0
• DSCR +6.3/10.0
• ARV discount +5.7/15.0
• 1% rule +5.4/10.0
• Rent growth +4.3/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Investor's dream! A fantastic triplex located across from a park in an up-and-coming area. The roof has recently been replaced, eliminating that expense. The triplex consists of a 3-bedroom, 1.5-bath unit rented for $1400 per month, a studio unit at 1922 renting for $1175 per month, and an upstairs 1-bedroom, 1-bath unit at 10 Parkview renting for $1000 per month. The 1922 unit is currently rented on a month-to-month lease and has been occupied for the past 5 years. 1920 and 10 Parkview are currently vacant. Units were revamped in last few years and should only need cosmetic upgrades. The units still retain much of their original charm and offer the potential for custom upgrades by the new owner. The seller is willing to entertain all offers. Don't miss out on this opportunity!

Key facts

• Fresh paint
• New flooring
• Updated bathrooms

Tags

• FULLY UPDATED TRIPLEX
• UPDATED BATHROOMS
• NEW FLOORING
• FRESH PAINT
• CONVENIENT DOWNTOWN LOCATION
• TURNKEY MULTIFAMILY INVESTMENT

Property features AI

Finance

• Financial info: Gross income reported: 29,100; Reported expenses: 0; Three total rental units; Unit rents reported: approximately $1,500/month (3-bed), $925/month (1-bed), one unit rent not listed

Exterior

• Utilities: Solid waste service: No
• Home design: Residential income property; Triplex; Two levels
• Construction: Converted property
• Exterior features: Asphalt roof; Street access with street cuts

Interior

• Kitchen: 3-bedroom unit kitchen size approx. 350; 1-bedroom unit kitchen size approx. 150; Third unit kitchen size approx. 200
• Bedrooms: One 3-bedroom unit (2 levels); One 1-bedroom unit (1 level); One additional unit with central air (2 levels)
• Heating & cooling: Central air in multiple units; Forced heat in at least one unit
• Interior features: Basement present
• Laundry & utility: 3-bedroom unit utilities include central air, forced heat, electric hot water; 1-bedroom unit utilities include central air; Third unit utilities include central air

What this means for you Summary

Snapshot

• This is a 1×3bd/1.5ba + 1×1bd/1ba + 1×?bd/1ba units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive. Per door: $145/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Cap rate 7.7% 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 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 (+7.3%/yr); 480 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $3,762/mo this rent would consume 92% of the median local household income ($49k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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 + 7.3% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 7y 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 $268k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $360,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.04% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $346,332
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 N Randolph St	0.05mi	6/2.0 (+1)	2,600 (-0%)	19mo	$250,000	$96	61
2209 E New York St	0.31mi	4/4.0 (-1)	2,640 (+1%)	6mo	$290,000	$110	58
618-620 N Hamilton Ave	0.65mi	4/2.0 (-1)	2,600 (-0%)	1mo	$270,000	$104	48
339 N Walcott St	0.28mi	4/3.0 (-1)	2,300 (-12%)	0mo	$321,050	$140	47
350 N Hamilton Ave	0.35mi	6/4.0 (+1)	2,800 (+8%)	10mo	$415,000	$148	43
2028 Southeastern Ave	0.34mi	6/4.0 (+1)	2,500 (-4%)	19mo	$420,000	$168	42
326 Jefferson Ave	0.33mi	6/3.0 (+1)	2,442 (-6%)	22mo	$230,000	$94	36
510 Woodruff Place Middle Dr	0.48mi	6/2.0 (+1)	2,560 (-2%)	24mo	$445,000	$174	35
456 N State Ave	0.44mi	6/2.0 (+1)	2,784 (+7%)	18mo	$369,000	$133	33
434-6 N State Ave	0.40mi	4/4.0 (-1)	2,408 (-8%)	20mo	$395,000	$164	32
2521 Southeastern Ave	0.66mi	4/2.0 (-1)	2,240 (-14%)	10mo	$121,000	$54	17

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-13,437
• Equity at exit: $53,677

10-year hold

• IRR: 10.7%
• Equity multiple: 2.00×
• Total profit: $100,787
• Equity at exit: $31,126

Cash invested: $100,800 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $3,762 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$498 /mo · $5,973/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $436

Break-even live

Break-even rent $3,210

Max offer price $360,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,422
1× unit	1	1	$1,164
1× unit	0	1	$1,176
Total (3 units)			$3,762

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	43d	1	0.13mi
210 N Keystone Ave Indianapolis, IN	4.0	2.0	2024	$2,200	$1.09	7d	1	0.35mi
1548 Lexington Ave Indianapolis, IN	4.0	3.0	2224	$2,250	$1.01	3d	1	0.84mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	17d	1	0.87mi
2201 Pleasant St Indianapolis, IN	4.0	3.0	2063	$2,495	$1.21	4d	1	0.91mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	43d	1	0.94mi
1027 Hosbrook St Indianapolis, IN	4.0	3.5	3612	$4,750	$1.32	17d	1	1.16mi
1153 Villa Ave Indianapolis, IN	4.0	2.0	2880	$2,100	$0.73	23d	1	1.18mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	43d	1	1.29mi
1409 Linden St Unit 1028898P Indianapolis, IN	5.0	6.0	2895	$14,651	$5.06	23d	1	1.42mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $360,000 Active 1 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: $5,973 · $498/mo
• Projected year-2 tax: $5,973 · $498/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 ≥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: $45,144
• − Mortgage interest: −$20,166
• − Property taxes: −$5,973
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,612
• − Management: −$3,612
• − Depreciation: −$10,473
• Taxable loss: −$491
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $5,354/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+41.2% since first listed

34 events — show timeline

• 2026-06-18 Listed $360,000 MIBOR as Distributed by MLS Grid
• 2025-03-14 Sold (MLS) $267,500 MIBOR as Distributed by MLS Grid
• 2025-01-06 Pending — MIBOR as Distributed by MLS Grid
• 2024-12-10 Price Changed $305,000 MIBOR as Distributed by MLS Grid
• 2024-12-08 Relisted — MIBOR as Distributed by MLS Grid
• 2024-11-05 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-16 Price Changed $319,000 MIBOR as Distributed by MLS Grid
• 2024-10-04 Listed $329,000 MIBOR as Distributed by MLS Grid
• 2024-09-18 Rental Removed $1,375 BUILDIUM
• 2024-09-07 Price Changed $1,375 BUILDIUM
• 2024-08-28 Price Changed $1,425 BUILDIUM
• 2024-08-16 Listed for Rent $1,500 BUILDIUM
• 2022-11-12 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-11-02 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2020-06-12 Sold (MLS) $219,000 MIBOR as Distributed by MLS Grid
• 2020-06-12 Sold (MLS) $219,000 MIBOR as Distributed by MLS Grid
• 2020-06-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-06-02 Relisted — MIBOR as Distributed by MLS Grid
• 2020-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-04-30 Price Changed $239,000 MIBOR as Distributed by MLS Grid
• 2020-04-30 Price Changed $239,000 MIBOR as Distributed by MLS Grid
• 2020-03-26 Price Changed $245,000 MIBOR as Distributed by MLS Grid
• 2020-03-26 Price Changed $245,000 MIBOR as Distributed by MLS Grid
• 2020-02-28 Listed $1,100 MIBOR as Distributed by MLS Grid
• 2020-01-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-12-30 Listed $800 MIBOR as Distributed by MLS Grid
• 2019-10-19 Listed $255,000 MIBOR as Distributed by MLS Grid
• 2019-10-19 Relisted — MIBOR as Distributed by MLS Grid
• 2019-08-15 Pending — MIBOR as Distributed by MLS Grid
• 2019-08-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-07-16 Listed $255,000 MIBOR as Distributed by MLS Grid

Property tax history

+16.4%/yr

Latest (2025): $5,973 · -11.0% YoY. Source: county tax records.