933 N Ewing St · Indianapolis city (balance), IN 46201

$300,000

2 bd · 10.0 ba · 637 sqft · MultiFamily public records · 79 Days on market

Built 1920 4,443 sqft lot $471/sqft · 1557% above area Est $315k · at est.

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Why this score? — see what drove the C+ 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 +26.3/30.0
• ARV discount +9.6/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Located at 933 N Ewing St on Indianapolis' near-eastside, this well-maintained four-plex offers a prime investment opportunity just minutes from downtown. Built in 1920, the property features four 1-bedroom, 1-bath units, with three currently leased for stable income and one recently updated unit ready for immediate occupancy. Units include updated flooring, appliances, and fresh paint, enhancing overall tenant appeal. With rental potential exceeding $4,500 per month, an unfinished basement for additional utility space, and convenient access to employment centers, dining, and entertainment, this property presents strong cash flow and long-term growth potential for investors. Seller pays all utilities

Key facts

• Updated appliances
• Fresh paint
• Unfinished basement

Tags

• RECENTLY UPDATED UNIT
• UPDATED FLOORING
• UPDATED APPLIANCES
• FRESH PAINT
• UNFINISHED BASEMENT
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/10.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $779 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 C — 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; 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).
• At $3,628/mo this rent would consume 88% 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 $9k 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 $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 5y 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 $190k; list at $300k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $282,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.21% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.13%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $315,000
• List price: $300,000
• Delta: -4.76%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3419 E 9th St	0.14mi	2/1.0	672 (+6%)	24mo	$170,000	$253	44
445 N Dearborn St	0.52mi	2/1.0	700 (+10%)	18mo	$215,000	$307	24

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: 5.1%
• Equity multiple: 1.21×
• Total profit: $17,490
• Equity at exit: $44,731

10-year hold

• IRR: 18.2%
• Equity multiple: 2.82×
• Total profit: $153,021
• Equity at exit: $25,939

Cash invested: $84,000 (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: 27.6×

Monthly cashflow live

• Estimated rent: $3,628 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$389 /mo · $4,665/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$762
• Net cashflow: $779

Break-even live

Break-even rent $2,642

Max offer price $300,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,628
Total (4 units)			$3,628

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.19mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	43d	1	0.20mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	4d	1	0.25mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	4d	1	0.25mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	43d	1	0.34mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	43d	1	0.35mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	44d	1	0.39mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	20d	1	0.43mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	16d	1	0.43mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	43d	1	0.45mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	13d	1	0.48mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	0.48mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	23d	1	0.48mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	23d	1	0.60mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	23d	1	0.60mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	19d	1	0.60mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	7d	1	0.62mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	43d	1	0.64mi
1432 N Colorado Ave Indianapolis, IN	1.0	1.0	584	$875	$1.50	23d	1	0.65mi
1538 N Grant Ave Indianapolis, IN	1.0	1.0	375	$700	$1.87	43d	1	0.67mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	23d	1	0.68mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	43d	1	0.68mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	14d	1	0.68mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	23d	1	0.68mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	4d	1	0.70mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.84mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	12d	1	0.85mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	23d	1	0.94mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	3d	1	1.04mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	1.08mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	21d	1	1.11mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	43d	1	1.13mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	43d	1	1.15mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	21d	1	1.15mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	43d	1	1.15mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	43d	1	1.15mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	23d	1	1.15mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	7d	1	1.16mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	21d	1	1.17mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	23d	1	1.17mi

Listing history 50 events

1. 2026-06-18
   days on market $300,000 Active 79 DOM
2. 2026-06-17
   days on market $300,000 Active 78 DOM
3. 2026-06-16
   days on market $300,000 Active 77 DOM
4. 2026-06-15
   days on market $300,000 Active 76 DOM
5. 2026-06-13
   days on market $300,000 Active 74 DOM
6. 2026-06-13
   days on market $300,000 Active 73 DOM
7. 2026-06-09
   days on market $300,000 Active 70 DOM
8. 2026-06-08
   days on market $300,000 Active 69 DOM
9. 2026-06-07
   days on market $300,000 Active 68 DOM
10. 2026-06-03
    days on market $300,000 Active 64 DOM
11. 2026-06-02
    days on market $300,000 Active 63 DOM
12. 2026-06-01
    days on market $300,000 Active 62 DOM
13. 2026-05-31
    days on market $300,000 Active 61 DOM
14. 2026-05-14
    status Active 709-char remark

    Show marketing remark (709 chars)

    Located at 933 N Ewing St on Indianapolis' near-eastside, this well-maintained four-plex offers a prime investment opportunity just minutes from downtown. Built in 1920, the property features four 1-bedroom, 1-bath units, with three currently leased for stable income and one recently updated unit ready for immediate occupancy. Units include updated flooring, appliances, and fresh paint, enhancing overall tenant appeal. With rental potential exceeding $4,500 per month, an unfinished basement for additional utility space, and convenient access to employment centers, dining, and entertainment, this property presents strong cash flow and long-term growth potential for investors. Seller pays all utilities

15. 2026-04-09
    status Pending 709-char remark

    Show marketing remark (709 chars)

    Located at 933 N Ewing St on Indianapolis' near-eastside, this well-maintained four-plex offers a prime investment opportunity just minutes from downtown. Built in 1920, the property features four 1-bedroom, 1-bath units, with three currently leased for stable income and one recently updated unit ready for immediate occupancy. Units include updated flooring, appliances, and fresh paint, enhancing overall tenant appeal. With rental potential exceeding $4,500 per month, an unfinished basement for additional utility space, and convenient access to employment centers, dining, and entertainment, this property presents strong cash flow and long-term growth potential for investors. Seller pays all utilities

16. 2026-02-24
    listed $300,000 Active 709-char remark

    Show marketing remark (709 chars)

    Located at 933 N Ewing St on Indianapolis' near-eastside, this well-maintained four-plex offers a prime investment opportunity just minutes from downtown. Built in 1920, the property features four 1-bedroom, 1-bath units, with three currently leased for stable income and one recently updated unit ready for immediate occupancy. Units include updated flooring, appliances, and fresh paint, enhancing overall tenant appeal. With rental potential exceeding $4,500 per month, an unfinished basement for additional utility space, and convenient access to employment centers, dining, and entertainment, this property presents strong cash flow and long-term growth potential for investors. Seller pays all utilities

17. 2025-12-19
    historical
18. 2025-12-19
    status Active
19. 2025-10-30
    status Pending
20. 2025-09-22
    listed $300,000 Active
21. 2024-04-03
    soldstatus $190,000 Closed
22. 2024-02-27
    status Pending
23. 2024-02-23
    status Active
24. 2024-01-29
    status Pending
25. 2024-01-26
    listed $265,000 Active
26. 2022-07-20
    soldstatus $100,000 Closed
27. 2022-07-07
    status Pending
28. 2022-06-17
    listed $110,000 Active
29. 2022-05-20
    status Pending
30. 2022-04-29
    status Active
31. 2022-03-29
    status Pending
32. 2022-03-19
    price $110,000
33. 2022-03-10
    listed $115,000 Active
34. 2021-11-02
    status Pending
35. 2021-11-02
    historical
36. 2021-10-27
    status Active
37. 2021-10-26
    historical
38. 2021-10-25
    status Pending
39. 2021-10-18
    status Active
40. 2021-10-18
    status Active
41. 2021-10-18
    price $74,900
42. 2021-10-18
    price $74,900
43. 2021-10-13
    status Pending
44. 2021-10-13
    status Pending
45. 2021-09-23
    status Active
46. 2021-09-23
    status Active
47. 2021-08-30
    status Pending
48. 2021-08-30
    status Pending
49. 2021-08-24
    price $80,000
50. 2021-08-24
    price $80,000

ⓘ 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: $4,665 · $389/mo
• Projected year-2 tax: $4,665 · $389/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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,536
• − Mortgage interest: −$16,805
• − Property taxes: −$4,665
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,483
• − Management: −$3,483
• − Depreciation: −$8,727
• Taxable income: $4,874
• Est. tax owed @ 24.0%: −$1,170
• After-tax cash flow: $8,180/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

+233.3% since first listed

39 events — show timeline

• 2026-05-14 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-24 Listed $300,000 MIBOR as Distributed by MLS Grid
• 2025-12-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-19 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-30 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-22 Listed $300,000 MIBOR as Distributed by MLS Grid
• 2024-04-03 Sold (MLS) $190,000 MIBOR as Distributed by MLS Grid
• 2024-02-27 Pending — MIBOR as Distributed by MLS Grid
• 2024-02-23 Relisted — MIBOR as Distributed by MLS Grid
• 2024-01-29 Pending — MIBOR as Distributed by MLS Grid
• 2024-01-26 Listed $265,000 MIBOR as Distributed by MLS Grid
• 2022-07-20 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2022-07-07 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-17 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2022-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-29 Relisted — MIBOR as Distributed by MLS Grid
• 2022-03-29 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-19 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2022-03-10 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2021-11-02 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-10-27 Relisted — MIBOR as Distributed by MLS Grid
• 2021-10-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-10-25 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-18 Relisted — MIBOR as Distributed by MLS Grid
• 2021-10-18 Relisted — MIBOR as Distributed by MLS Grid
• 2021-10-18 Price Changed $74,900 MIBOR as Distributed by MLS Grid
• 2021-10-18 Price Changed $74,900 MIBOR as Distributed by MLS Grid
• 2021-10-13 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-13 Pending — MIBOR as Distributed by MLS Grid
• 2021-09-23 Relisted — MIBOR as Distributed by MLS Grid
• 2021-09-23 Relisted — MIBOR as Distributed by MLS Grid
• 2021-08-30 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-30 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-24 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2021-08-24 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2021-08-17 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2021-08-17 Listed $90,000 MIBOR as Distributed by MLS Grid

Property tax history

+20.8%/yr

Latest (2025): $4,665 · +51.1% YoY. Source: county tax records.