2438 N Goodlet Ave · Indianapolis city (balance), IN 46222

$79,900

3 bd · 2.0 ba · 1,011 sqft · SingleFamily public records · 11 Days on market

Built 1959 5,009 sqft lot $79/sqft · 39% below area Est $118k · 32% 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 +29.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment property!

Key facts

• Fenced in backyard
• Parking pad
• Private retreat

Tags

• PRIVATE RETREAT
• FENCED IN BACKYARD
• PARKING PAD
• LARGE YARD FOR ENTERTAINING

Property features AI

Exterior

• Parking: Concrete parking (no garage)
• Utilities: Community sewer; Private water; Municipal solid waste service
• Home design: Single family residence; Two levels; Property listed as fixer
• Construction: Vinyl siding and wood siding; Block foundation
• Exterior features: Chain link full fence; City lot with mature trees

Interior

• Kitchen: Gas oven
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level); Primary bathroom has a full shower stall
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Eat-in kitchen; Bedroom other on main; Utility room
• Laundry & utility: Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 10.7% 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 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 (+2.5%/yr); 170 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $552 of loan paydown is wiped out by about $2k 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 + 2.5% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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 $65k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,900

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.58% ✓
• Cap rate: 10.74%
• Cash-on-cash: 15.88%
• DSCR: 1.71
• GRM: 5.3

CMA / ARV

• ARV (median comp): $117,586
• List price: $79,900
• Delta: -32.05%
• 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
2438 N Goodlet Ave	0.00mi	3/2.0	915 (-10%)	1mo	$65,000	$71	84
2345 N Centennial St	0.13mi	3/1.0	1,015 (+0%)	16mo	$115,000	$113	76
2370 N Moreland Ave	0.08mi	3/2.0	920 (-9%)	8mo	$166,000	$180	75
3201 W 22nd St	0.44mi	4/1.5 (+1)	995 (-2%)	8mo	$183,500	$184	63
2464 Sharon Ave	0.31mi	3/1.0	936 (-7%)	10mo	$163,500	$175	60
2250 N Goodlet Ave	0.30mi	3/1.0	925 (-8%)	11mo	$85,000	$92	59
2249 N Centennial St	0.30mi	3/2.0	1,125 (+11%)	13mo	$185,000	$164	57
2448 Winfield Ave	0.37mi	3/1.0	936 (-7%)	13mo	$145,000	$155	56
2507 Winfield Ave	0.40mi	3/1.5	1,152 (+14%)	6mo	$156,000	$135	51
1816 N Moreland Ave	0.75mi	3/1.5	984 (-3%)	13mo	$177,000	$180	48
2055 N Somerset Ave	0.63mi	3/2.0	1,104 (+9%)	12mo	$173,000	$157	46
2221 N Moreland Ave	0.36mi	3/2.0	1,160 (+15%)	17mo	$200,000	$172	45

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.24×
• Total profit: $5,336
• Equity at exit: $11,913

10-year hold

• IRR: 15.1%
• Equity multiple: 2.19×
• Total profit: $26,605
• Equity at exit: $6,908

Cash invested: $22,372 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,265 high
• Mortgage (P&I): −$419
• Tax from tax record: −$251 /mo · $3,008/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $296

Break-even live

Break-even rent $890

Max offer price $79,900

Occupancy floor 72%

Sensitivity live

Price	-10% $341	-5% $319	+0% $296	+5% $273	+10% $251
Rent	-10% $196	-5% $246	+0% $296	+5% $346	+10% $396
Rate	-1.0pp $336	-0.5pp $316	base $296	+0.5pp $275	+1.0pp $254

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2418 N Centennial St Indianapolis, IN	2.0	1.0	725	$1,099	$1.52	44d	1	0.04mi
2365 N Goodlet Ave Indianapolis, IN	3.0	1.5	900	$1,099	$1.22	24d	1	0.09mi
3621 Lawnview Ln Indianapolis, IN	1.0–4.0	1.0–1.5	1012	$1,162	$1.15	2d	13	0.37mi
2825 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.5	1228	$1,701	$1.39	24d	1	0.45mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,675	$0.91	8d	6	0.52mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	24d	1	0.53mi
2930 Lafayette Rd Indianapolis, IN	2.0	1.0	642	$1,108	$1.72	2d	5	0.57mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	3d	4	0.65mi
3215 N Alton Ave Indianapolis, IN	1.0–3.0	1.0–2.0	970	$1,579	$1.63	3d	16	0.87mi
3215 N Alton Ave Unit 33P3327D Indianapolis, IN	3.0	2.0	1278	$1,379	$1.08	15d	1	0.87mi
3215 N Alton Ave Unit 33P3327A Indianapolis, IN	3.0	2.0	1278	$1,339	$1.05	22d	1	0.87mi
3215 N Alton Ave Unit 3326C Indianapolis, IN	2.0	2.0	1064	$1,109	$1.04	21d	1	0.87mi
3215 N Alton Ave Unit 32_3323C Indianapolis, IN	3.0	2.0	1278	$1,579	$1.24	44d	1	0.87mi
3215 N Alton Ave Unit 33P3327C Indianapolis, IN	3.0	2.0	1278	$1,369	$1.07	44d	1	0.87mi
3215 N Alton Ave Unit 3303A Indianapolis, IN	3.0	2.0	1278	$1,299	$1.02	44d	1	0.87mi
3215 N Alton Ave Unit 33S3323B Indianapolis, IN	2.0	2.0	1064	$1,109	$1.04	44d	1	0.87mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.0	1104	$1,200	$1.09	44d	1	0.91mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.5	1104	$1,200	$1.09	24d	1	0.91mi
2 Philip Ct Indianapolis, IN	3.0	1.0	1000	$1,295	$1.29	24d	1	0.93mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	8d	1	0.96mi
1621 N Livingston Ave Indianapolis, IN	3.0	1.0	952	$1,300	$1.37	24d	1	0.99mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	1.10mi
3141 Danbury Rd Indianapolis, IN	3.0	1.0	1200	$1,295	$1.08	11d	1	1.10mi
4014 Alberta St Indianapolis, IN	3.0	1.0	988	$1,195	$1.21	21d	1	1.16mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	3d	1	1.27mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	44d	1	1.32mi
3232 Normandy Rd Indianapolis, IN	3.0	1.0	900	$1,250	$1.39	20d	1	1.38mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	1.38mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	24d	1	1.40mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	44d	1	1.42mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	24d	1	1.42mi
3120 Nobscot Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1023	$1,370	$1.34	2d	11	1.44mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	44d	1	1.45mi
3451 Sherburne Ln Indianapolis, IN	1.0–2.0	1.0	850	$1,386	$1.63	3d	38	1.48mi
3060 Midvale Dr Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	24d	1	1.49mi

Listing history 16 events

1. 2026-05-15
   status Pending 700-char remark
2. 2026-05-04
   listed $79,900 Active 700-char remark
3. 2017-10-27
   soldstatus $11,068 Sold 30-char remark

   Show marketing remark (30 chars)

   Excellent investment property!

4. 2017-07-27
   status Pending 30-char remark

   Show marketing remark (30 chars)

   Excellent investment property!

5. 2017-07-18
   price $34,900 30-char remark

   Show marketing remark (30 chars)

   Excellent investment property!

6. 2017-05-08
   price $39,900 30-char remark

   Show marketing remark (30 chars)

   Excellent investment property!

7. 2017-04-07
   listed $42,500 Active 30-char remark

   Show marketing remark (30 chars)

   Excellent investment property!

8. 2017-03-18
   historical
9. 2017-02-03
   price $42,500
10. 2016-12-01
    price $43,000
11. 2016-11-03
    listed $43,500 Active
12. 2006-05-22
    soldstatus $31,500
13. 2005-11-10
    listed $34,900
14. 2005-09-22
    historical
15. 2005-03-21
    listed $45,000
16. 2002-01-29
    soldstatus $51,870

ⓘ 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: $3,008 · $251/mo
• Projected year-2 tax: $3,008 · $251/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 ≥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: $15,174
• − Mortgage interest: −$4,476
• − Property taxes: −$3,008
• − Insurance: −$400
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$2,324
• Taxable income: $2,539
• Est. tax owed @ 24.0%: −$609
• After-tax cash flow: $2,943/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+25.3% since first listed

17 events — show timeline

• 2026-05-29 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2026-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2017-10-27 Sold (MLS) $11,068 MIBOR as Distributed by MLS Grid
• 2017-07-27 Pending — MIBOR as Distributed by MLS Grid
• 2017-07-18 Price Changed $34,900 MIBOR as Distributed by MLS Grid
• 2017-05-08 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2017-04-07 Listed $42,500 MIBOR as Distributed by MLS Grid
• 2017-03-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-02-03 Price Changed $42,500 MIBOR as Distributed by MLS Grid
• 2016-12-01 Price Changed $43,000 MIBOR as Distributed by MLS Grid
• 2016-11-03 Listed $43,500 MIBOR as Distributed by MLS Grid
• 2006-05-22 Sold (MLS) $31,500 MIBOR as Distributed by MLS Grid
• 2005-11-10 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2005-09-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-03-21 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2002-01-29 Sold (Public Records) $51,870 Public Records

Property tax history

+11.4%/yr

Latest (2025): $3,008 · +18.9% YoY. Source: county tax records.