3518 N Capitol Ave · Indianapolis city (balance), IN 46208

$94,900

2 bd · 1.0 ba · 1,054 sqft · SingleFamily public records · 36 Days on market

Built 1910 5,271 sqft lot $90/sqft · 27% below area Est $162k · 41% under

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.8/10.0
• 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

This charming bungalow blends timeless character with the comfort of easy, single-level living. From the moment you arrive, you'll appreciate the inviting feel and the cozy layout that makes this home so appealing. Whether you're looking for a starter home, a place to downsize, or a smart investment, this one is worth a closer look. Built in 1910, this home offers 1,054 square feet of living space with low-maintenance vinyl siding and vinyl windows. Inside, you'll find 2 bedrooms and 1 full bathroom, with a functional layout that makes the most of every square foot. With no garage, the property offers a simple, manageable option full of charm and potential.

Key facts

• 5,271 sq ft lot
• Built 1910
• Listed 36 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block and brick/mortar foundation (full)
• Exterior features: Lot under 1/4 acre (approximately 0.12 acre)

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Hardwood floors; Woodwork stained/painted; Finished basement area
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 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.
• 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); 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 $656 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,053 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1910 — 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: 1.28% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 6.5

CMA / ARV

• ARV (median comp): $161,580
• List price: $94,900
• Delta: -41.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2949 Shriver Ave	0.74mi	3/1.0 (+1)	1,080 (+2%)	2mo	$138,000	$128	54
3017 Ethel Ave	0.74mi	3/1.5 (+1)	1,079 (+2%)	7mo	$90,000	$83	49
3151 Graceland Ave	0.49mi	3/1.0 (+1)	1,200 (+14%)	1mo	$169,900	$142	48
332 Northern Ave	0.53mi	3/1.5 (+1)	1,128 (+7%)	10mo	$162,500	$144	48
3239 Graceland Ave	0.35mi	3/1.0 (+1)	1,152 (+9%)	19mo	$179,000	$155	48
260 W 33rd St	0.32mi	3/1.5 (+1)	1,200 (+14%)	10mo	$115,000	$96	47
330 Congress Ave	0.55mi	3/2.0 (+1)	1,156 (+10%)	3mo	$210,000	$182	47
3035 Graceland Ave	0.61mi	3/2.0 (+1)	1,001 (-5%)	10mo	$140,000	$140	46
3042 Graceland Ave	0.60mi	3/2.0 (+1)	1,200 (+14%)	3mo	$163,700	$136	38
3137 Graceland Ave	0.51mi	3/1.5 (+1)	1,200 (+14%)	24mo	$210,000	$175	26

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.16×
• Total profit: $4,267
• Equity at exit: $14,150

10-year hold

• IRR: 16.7%
• Equity multiple: 2.61×
• Total profit: $42,678
• Equity at exit: $8,205

Cash invested: $26,572 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,214 high
• Mortgage (P&I): −$498
• Tax from tax record: −$183 /mo · $2,191/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $239

Break-even live

Break-even rent $911

Max offer price $94,900

Occupancy floor 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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.06mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	0.07mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	0.08mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	7d	1	0.12mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	0.16mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	0.16mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	7d	1	0.17mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	0.18mi
3540 N Meridian St Indianapolis, IN	1.0	1.0	757	$789	$1.04	4d	3	0.24mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	43d	1	0.28mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	43d	1	0.29mi
3640 N Meridian St Unit 13 Indianapolis, IN	1.0	1.0	700	$699	$1.00	23d	1	0.29mi
3640 N Meridian St Unit 11 Indianapolis, IN	1.0	1.0	700	$699	$1.00	43d	1	0.29mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	2d	34	0.30mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	43d	1	0.31mi
3601 N Meridian St Indianapolis, IN	1.0	1.0	700	$775	$1.11	23d	1	0.32mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	43d	1	0.34mi
3726 N Meridian St Apt 33 Indianapolis, IN	1.0	1.0	725	$750	$1.03	23d	1	0.34mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	43d	3	0.37mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	3d	4	0.37mi
3671 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$794	$1.10	19d	1	0.47mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$1,474	$1.39	20d	35	0.48mi
57 E 38th St Indianapolis, IN	1.0	1.0	750	$770	$1.03	2d	4	0.49mi
3554 N Washington Blvd Apt 2 Indianapolis, IN	1.0	1.0	800	$750	$0.94	43d	1	0.50mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	7d	1	0.50mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	14d	1	0.58mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	0.62mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	0.62mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	23d	1	0.63mi
4031 Boulevard Pl Indianapolis, IN	1.0	1.0	700	$895	$1.28	20d	1	0.64mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	23d	1	0.64mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	7d	1	0.67mi
3924 Byram Ave Indianapolis, IN	1.0	1.0	810	$1,099	$1.36	4d	1	0.67mi
512 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	23d	1	0.74mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.74mi
514 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	23d	1	0.74mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	3d	1	0.78mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	43d	1	0.79mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	43d	1	0.86mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	0.86mi

Listing history 18 events

1. 2026-06-18
   days on market $94,900 Active 36 DOM
2. 2026-06-17
   days on market $94,900 Active 35 DOM
3. 2026-06-16
   days on market $94,900 Active 34 DOM
4. 2026-06-15
   days on market $94,900 Active 33 DOM
5. 2026-06-13
   days on market $94,900 Active 31 DOM
6. 2026-06-13
   days on market $94,900 Active 30 DOM
7. 2026-06-09
   days on market $94,900 Active 27 DOM
8. 2026-06-08
   days on market $94,900 Active 26 DOM
9. 2026-06-07
   days on market $94,900 Active 25 DOM
10. 2026-06-03
    days on market $94,900 Active 21 DOM
11. 2026-06-02
    days on market $94,900 Active 20 DOM
12. 2026-06-01
    days on market $94,900 Active 19 DOM
13. 2026-05-31
    days on market $94,900 Active 18 DOM
14. 2026-05-13
    listed $94,900 Active 668-char remark
15. 2016-08-02
    historical
16. 2015-08-13
    listed $30,000 Active
17. 2013-09-21
    historical
18. 2012-08-30
    listed $24,500

ⓘ 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: $2,191 · $183/mo
• Projected year-2 tax: $2,191 · $183/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) · 69% 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: $14,571
• − Mortgage interest: −$5,316
• − Property taxes: −$2,191
• − Insurance: −$474
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$2,761
• Taxable income: $1,498
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $2,514/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

+287.3% since first listed

5 events — show timeline

• 2026-05-13 Listed $94,900 MIBOR as Distributed by MLS Grid
• 2016-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-08-13 Listed $30,000 MIBOR as Distributed by MLS Grid
• 2013-09-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-08-30 Listed $24,500 MIBOR as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2025): $2,191 · +28.8% YoY. Source: county tax records.