2323 N Leland Ave · Indianapolis city (balance), IN 46218

$115,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 39 Days on market

Built 1954 0.25 ac lot $141/sqft · 5% below area Est $122k · 5% under

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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 +14.8/30.0
• ARV discount +10.0/15.0
• DSCR +4.5/10.0
• 1% rule +4.3/10.0
• 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

Listing remarks

Handsome brick home on a 1/4 acre lot! The interior features 2 bedrooms and 1 bath with a large living room and spacious kitchen. Carpet in bedrooms with vinyl plank and laminate flooring in the rest of the home. Separate laundry room leads to back yard access. Tucked away on Leland street with no thru traffic. Plenty of outdoor play space with mature trees, long asphalt driveway and a mini-barn for storage. This house is for sale, not for rent. Must see!

Key facts

• Spacious kitchen
• Back yard access
• Outdoor play space

Tags

• BRICK HOME
• LARGE LIVING ROOM
• SPACIOUS KITCHEN
• SEPARATE LAUNDRY ROOM
• BACK YARD ACCESS
• OUTDOOR PLAY SPACE

Property features AI

Finance

• Other: Approximately 0.25 acre lot

Exterior

• Parking: Asphalt parking
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One story
• Construction: Brick construction; Crawl space foundation
• Exterior features: Mini barn

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Window unit(s) for cooling
• Interior features: Gas oven; Refrigerator
• Laundry & utility: Main-level laundry room (9x9)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $32 ($380/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (6.8% below list).
• Recommended offer: $107k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• 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).
• Market conditions: Rents flat; 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 34% of the median local income ($38k/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 $795 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.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,183 (6.8% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — 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. 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?
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 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: 0.93% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.18%
• DSCR: 1.05
• GRM: 8.9

CMA / ARV

• ARV (median comp): $121,688
• List price: $115,000
• Delta: -5.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2344 N Leland Ave	0.05mi	2/1.0	720 (-12%)	12mo	$122,000	$169	68
5320 E 19th St	0.59mi	2/1.0	768 (-6%)	0mo	$85,000	$111	62
2540 Kristen Dr	0.40mi	2/1.0	912 (+12%)	9mo	$135,000	$148	54
5409 E 19th St	0.61mi	2/1.0	768 (-6%)	9mo	$138,500	$180	54
1825 N Hawthorne Ln	0.67mi	2/1.0	768 (-6%)	8mo	$128,647	$168	52
5427 E 19th St	0.61mi	2/1.0	768 (-6%)	12mo	$150,000	$195	52
5555 E 23rd St	0.51mi	2/1.0	912 (+12%)	10mo	$170,000	$186	48
4910 East 21st St	0.42mi	2/1.0	920 (+13%)	13mo	$155,000	$168	48
1801 Bauer Rd	0.73mi	2/1.0	768 (-6%)	11mo	$152,500	$199	47
5655 E 24th St E	0.63mi	2/1.0	912 (+12%)	11mo	$156,900	$172	42
2937 Kristen Dr E	0.72mi	3/1.0 (+1)	936 (+15%)	2mo	$185,000	$198	36
1836 N Riley Ave	0.64mi	3/1.0 (+1)	912 (+12%)	13mo	$159,900	$175	35

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.41×
• Total profit: $-18,903
• Equity at exit: $17,147

10-year hold

• IRR: -13.6%
• Equity multiple: 0.29×
• Total profit: $-22,826
• Equity at exit: $9,943

Cash invested: $32,200 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$603
• Tax from tax record: −$164 /mo · $1,970/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $32

Break-even live

Break-even rent $1,032

Max offer price $115,000

Occupancy floor 92%

Sensitivity live

Price	-10% $97	-5% $64	+0% $32	+5% $-1	+10% $-33
Rent	-10% $-53	-5% $-11	+0% $32	+5% $74	+10% $116
Rate	-1.0pp $90	-0.5pp $61	base $32	+0.5pp $2	+1.0pp $-28

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	45d	1	0.26mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	45d	1	0.35mi
2312 N Ritter Ave Apt 31 Indianapolis, IN	2.0	1.0	725	$825	$1.14	24d	1	0.36mi
2302 N Ritter Ave Indianapolis, IN	2.0	1.0	725	$788	$1.09	9d	2	0.38mi
2308 N Ritter Ave Apt 24 Indianapolis, IN	2.0	1.0	725	$825	$1.14	22d	1	0.40mi
2304 N Ritter Ave Apt 9 Indianapolis, IN	2.0	1.0	725	$799	$1.10	22d	1	0.41mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	9d	1	0.44mi
2404 N Lesley Ave Indianapolis, IN	2.0	1.0	763	$850	$1.11	45d	1	0.55mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	45d	1	0.55mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	6d	1	0.65mi
1824 N Riley Ave Indianapolis, IN	2.0	1.0	720	$1,150	$1.60	45d	1	0.67mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	16d	1	0.76mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	25d	1	0.78mi
2419 N Bolton Ave Indianapolis, IN	2.0	1.0	768	$950	$1.24	9d	1	0.82mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	25d	1	0.85mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	25d	1	0.85mi
5923 E 24th St Indianapolis, IN	2.0	1.0	816	$950	$1.16	19d	1	0.85mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	6d	1	0.87mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	25d	1	1.00mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	642	$873	$1.36	0d	9	1.05mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	24d	11	1.05mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	45d	1	1.07mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	45d	1	1.09mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	25d	1	1.09mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	45d	1	1.11mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	25d	1	1.12mi
6120 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$750	$0.87	45d	1	1.15mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	25d	1	1.15mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	9d	1	1.16mi
6136 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$799	$0.92	22d	1	1.17mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	0d	1	1.17mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	25d	1	1.17mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	6d	1	1.19mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	9d	1	1.19mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	16d	1	1.22mi
6149 Commodore Dr Indianapolis, IN	2.0	1.0	816	$850	$1.04	25d	1	1.22mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	45d	1	1.22mi
6154 Commodore Dr Indianapolis, IN	2.0	1.0	900	$950	$1.06	25d	1	1.23mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	25d	1	1.23mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	25d	1	1.25mi

Listing history 23 events

1. 2026-06-21
   pricedays on market $115,000 Active 39 DOM
2. 2026-06-18
   days on market $120,000 Active 36 DOM
3. 2026-06-17
   days on market $120,000 Active 35 DOM
4. 2026-06-16
   days on market $120,000 Active 34 DOM
5. 2026-06-15
   days on market $120,000 Active 33 DOM
6. 2026-06-13
   days on market $120,000 Active 31 DOM
7. 2026-06-13
   days on market $120,000 Active 30 DOM
8. 2026-06-09
   days on market $120,000 Active 27 DOM
9. 2026-06-08
   days on market $120,000 Active 26 DOM
10. 2026-06-07
    days on market $120,000 Active 25 DOM
11. 2026-06-03
    days on market $120,000 Active 21 DOM
12. 2026-06-02
    days on market $120,000 Active 20 DOM
13. 2026-06-02
    remarks 460-char remark
14. 2026-06-01
    days on market $120,000 Active 19 DOM
15. 2026-05-31
    days on market $120,000 Active 18 DOM
16. 2026-05-14
    price $120,000 422-char remark
17. 2026-05-13
    listed $125,000 Active 422-char remark
18. 2026-04-30
    historical
19. 2026-02-26
    listed $128,000 Active
20. 2026-01-30
    historical
21. 2026-01-22
    listed $120,000 Active
22. 2025-12-20
    historical $895
23. 2025-12-09
    listed $895

ⓘ 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: $1,970 · $164/mo
• Projected year-2 tax: $1,970 · $164/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 5/10 Major FEMA zone X (unshaded) · 66% 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,862
• − Mortgage interest: −$6,442
• − Property taxes: −$1,970
• − Insurance: −$575
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$3,345
• Taxable loss: −$1,528
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $746/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

+0.0% since first listed

8 events — show timeline

• 2026-05-14 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-05-13 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-26 Listed $128,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2025-12-20 Rental Removed $895 SHOWMOJO
• 2025-12-09 Listed for Rent $895 SHOWMOJO

Property tax history

+7.5%/yr

Latest (2025): $1,970 · +15.0% YoY. Source: county tax records.