1917 Houston St · Indianapolis city (balance), IN 46218

$155,000

2 bd · 6.0 ba · 456 sqft · MultiFamily public records · 6 Days on market

Built 1931 5,401 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 +2.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

One bed/One bath per side duplex available near Brookside Park. Some updates by current owner. More pics to follow. This property is being sold As-Is. Owner has never lived in the home and will not make repairs.

Key facts

• Fully leased
• Brookside pool
• Pogues run

Tags

• BROOKSIDE PARK DUPLEX
• POGUES RUN
• BROOKSIDE POOL
• NATURE TRAILS
• PLAYGROUND
• FULLY LEASED

Property features AI

Finance

• Financial info: Two-unit property; One unit shows listed rent of $850/month; other unit rent not specified; Owner pays electricity, gas, sewer, taxes and all utilities; Reported gross income and expenses listed as 0

Exterior

• Parking: On-street parking
• Utilities: Municipal storm sewer connected; Solid waste service available; Gas service for fuel and hot water; Electric service available
• Home design: Duplex (residential income property); One story
• Construction: Vinyl siding
• Exterior features: Curbs and sidewalks; Alley access; Access from street

Interior

• Kitchen: Each unit has an 11x9 kitchen; Eat-in kitchen
• Heating & cooling: Forced heat (gas) for both units; Gas hot water
• Interior features: Eat-in kitchens in both units; No kitchen equipment specified for one unit
• Laundry & utility: Laundry connections in the unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $802 ($10k/yr) — positive. Per door: $401/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 12.5% 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% 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).
• Market conditions: Rents flat; 338 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,391/mo this rent would consume 75% of the median local household income ($38k/yr) (locally 2340% 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 $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.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $43k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 24y 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 $125k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,000

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 1931 — 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. 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 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: 1.54% ✓
• Cap rate: 12.50%
• Cash-on-cash: 22.17%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.48×
• Total profit: $20,831
• Equity at exit: $23,111

10-year hold

• IRR: 19.5%
• Equity multiple: 2.47×
• Total profit: $63,824
• 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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 338
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,391 high
• Mortgage (P&I): −$813
• Tax from tax record: −$210 /mo · $2,518/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $802

Break-even live

Break-even rent $1,376

Max offer price $155,000

Occupancy floor 61%

Sensitivity live

Price	-10% $889	-5% $846	+0% $802	+5% $758	+10% $714
Rent	-10% $613	-5% $707	+0% $802	+5% $896	+10% $991
Rate	-1.0pp $880	-0.5pp $841	base $802	+0.5pp $761	+1.0pp $721

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,392
Total (2 units)			$2,391

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1538 N Grant Ave Indianapolis, IN	1.0	1.0	375	$700	$1.87	45d	1	0.64mi
2932 N Dearborn St Indianapolis, IN	1.0	1.0	300	$599	$2.00	45d	1	1.17mi

Listing history 23 events

1. 2026-06-07
   status $155,000 Pending 6 DOM
2. 2026-06-03
   days on market $155,000 Active 6 DOM
3. 2026-06-02
   days on market $155,000 Active 5 DOM
4. 2026-06-01
   days on market $155,000 Active 4 DOM
5. 2026-05-31
   days on market $155,000 Active 3 DOM
6. 2026-05-28
   listed $155,000 Active
7. 2025-05-10
   historical $850
8. 2025-05-01
   listed $850
9. 2022-12-29
   soldstatus $125,000 Closed
10. 2022-12-01
    status Pending
11. 2022-12-01
    listed $130,000 Active
12. 2022-02-08
    price $700
13. 2020-09-30
    soldstatus $42,000 Sold 211-char remark

    Show marketing remark (211 chars)

    One bed/One bath per side duplex available near Brookside Park. Some updates by current owner. More pics to follow. This property is being sold As-Is. Owner has never lived in the home and will not make repairs.

14. 2020-09-11
    status Pending 211-char remark

    Show marketing remark (211 chars)

    One bed/One bath per side duplex available near Brookside Park. Some updates by current owner. More pics to follow. This property is being sold As-Is. Owner has never lived in the home and will not make repairs.

15. 2020-09-03
    status Pending 211-char remark

    Show marketing remark (211 chars)

    One bed/One bath per side duplex available near Brookside Park. Some updates by current owner. More pics to follow. This property is being sold As-Is. Owner has never lived in the home and will not make repairs.

16. 2020-08-31
    listed $49,900 Active 211-char remark

    Show marketing remark (211 chars)

    One bed/One bath per side duplex available near Brookside Park. Some updates by current owner. More pics to follow. This property is being sold As-Is. Owner has never lived in the home and will not make repairs.

17. 2014-09-21
    historical
18. 2014-01-24
    listed $20,000
19. 2005-12-03
    historical
20. 2004-12-05
    listed $34,900
21. 2003-05-14
    historical
22. 2002-11-25
    listed $55,000
23. 2000-08-15
    soldstatus $60,648

ⓘ 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: $2,518 · $210/mo
• Projected year-2 tax: $2,518 · $210/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 ≥102°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: $28,692
• − Mortgage interest: −$8,682
• − Property taxes: −$2,518
• − Insurance: −$775
• − Repairs & maintenance: −$2,295
• − Management: −$2,295
• − Depreciation: −$4,509
• Taxable income: $7,617
• Est. tax owed @ 24.0%: −$1,828
• After-tax cash flow: $7,792/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+155.6% since first listed

18 events — show timeline

• 2026-05-28 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2025-05-10 Rental Removed $850 TENANTTURNER2
• 2025-05-01 Listed for Rent $850 TENANTTURNER2
• 2022-12-29 Sold (MLS) $125,000 MIBOR as Distributed by MLS Grid
• 2022-12-01 Pending — MIBOR as Distributed by MLS Grid
• 2022-12-01 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2022-02-08 Price Changed $700 RENT.
• 2020-09-30 Sold (MLS) $42,000 MIBOR as Distributed by MLS Grid
• 2020-09-11 Pending — MIBOR as Distributed by MLS Grid
• 2020-09-03 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-31 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2014-09-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-01-24 Listed $20,000 MIBOR as Distributed by MLS Grid
• 2005-12-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-12-05 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2003-05-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-11-25 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2000-08-15 Sold (Public Records) $60,648 Public Records

Property tax history

+9.3%/yr

Latest (2025): $2,518 · +3.2% YoY. Source: county tax records.