3810 E 9th St · Indianapolis city (balance), IN 46201

$90,000

1 bd · 1.0 ba · 672 sqft · SingleFamily public records · 178 Days on market

Built 1930 1,830 sqft lot $134/sqft · 10% above area Est $163k · 45% under

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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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +4.6/10.0
• 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

Listing remarks MLS

2 Bedroom home on the near East side of Indianapolis. House has new paint inside, new exterior siding, and an updated full bath. This home can be an investor opportunity or single family residential unit.

Key facts

• Updated full bath
• New paint
• New exterior siding

Tags

• NEW PAINT
• NEW EXTERIOR SIDING
• UPDATED FULL BATH
• SINGLE FAMILY RESIDENTIAL UNIT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $47 ($559/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 $86k (4.5% below list).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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 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 $622 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 178 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 $33k; list at $90k implies a 170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 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: 0.96% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.22%
• DSCR: 1.10
• GRM: 8.7

CMA / ARV

• ARV (median comp): $162,960
• List price: $90,000
• Delta: -44.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1518 N Chester Ave	0.61mi	2/1.0 (+1)	672 (0%)	4mo	$114,555	$170	63
854 N Gladstone Ave	0.28mi	2/1.0 (+1)	714 (+6%)	23mo	$50,000	$70	53
1526 N Sherman Dr	0.60mi	1/1.0	576 (-14%)	3mo	$60,000	$104	45
111 N Gale St	0.58mi	2/1.0 (+1)	754 (+12%)	8mo	$127,000	$168	41

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: -8.0%
• Equity multiple: 0.69×
• Total profit: $-7,705
• Equity at exit: $13,419

10-year hold

• IRR: 6.5%
• Equity multiple: 1.58×
• Total profit: $14,642
• Equity at exit: $7,782

Cash invested: $25,200 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $860 high
• Mortgage (P&I): −$472
• Tax from tax record: −$123 /mo · $1,477/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $47

Break-even live

Break-even rent $801

Max offer price $90,000

Occupancy floor 90%

Sensitivity live

Price	-10% $98	-5% $72	+0% $47	+5% $21	+10% $-4
Rent	-10% $-21	-5% $13	+0% $47	+5% $81	+10% $115
Rate	-1.0pp $92	-0.5pp $70	base $47	+0.5pp $23	+1.0pp $0

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	5d	1	0.08mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	44d	1	0.20mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	44d	1	0.30mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	24d	1	0.32mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	44d	1	0.35mi
1106 N Gale St Unit 3 Indianapolis, IN	—	1.0	400	$650	$1.62	5d	1	0.35mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.36mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	0.37mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	21d	1	0.41mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	5d	1	0.42mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	44d	1	0.44mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	5d	1	0.44mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	14d	1	0.46mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	44d	1	0.47mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	17d	1	0.54mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	45d	1	0.57mi
1432 N Colorado Ave Indianapolis, IN	1.0	1.0	584	$875	$1.50	24d	1	0.60mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	44d	1	0.61mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	8d	1	0.63mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	44d	1	0.66mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	15d	1	0.66mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	24d	1	0.66mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	24d	1	0.67mi
1538 N Grant Ave Indianapolis, IN	1.0	1.0	375	$700	$1.87	44d	1	0.67mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	24d	1	0.73mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.75mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	24d	1	0.77mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	5d	1	0.87mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	22d	1	0.94mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	0.98mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	0.98mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	22d	1	0.98mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	44d	1	0.99mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	13d	1	1.00mi
831 N Emerson Ave Indianapolis, IN	1.0	1.0	647	$1,000	$1.55	24d	1	1.02mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	1.03mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	24d	1	1.09mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	1.12mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	24d	1	1.16mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	4d	1	1.18mi

Listing history 12 events

1. 2026-06-01
   days on market $90,000 Active 178 DOM
2. 2026-05-31
   days on market $90,000 Active 177 DOM
3. 2026-04-06
   status Active 206-char remark

   Show marketing remark (206 chars)

   2 Bedroom home on the near East side of Indianapolis. House has new paint inside, new exterior siding, and an updated full bath. This home can be an investor opportunity or single family residential unit.

4. 2026-04-02
   status Pending 206-char remark

   Show marketing remark (206 chars)

   2 Bedroom home on the near East side of Indianapolis. House has new paint inside, new exterior siding, and an updated full bath. This home can be an investor opportunity or single family residential unit.

5. 2025-12-01
   listed $90,000 Active 206-char remark

   Show marketing remark (206 chars)

   2 Bedroom home on the near East side of Indianapolis. House has new paint inside, new exterior siding, and an updated full bath. This home can be an investor opportunity or single family residential unit.

6. 2023-01-02
   historical
7. 2022-11-01
   listed $85,000 Active
8. 2015-03-02
   soldstatus $33,334 Sold
9. 2015-01-15
   status Pending
10. 2015-01-15
    status Active
11. 2014-11-01
    historical
12. 2014-07-23
    listed $49,100

ⓘ 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: $1,477 · $123/mo
• Projected year-2 tax: $1,477 · $123/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 100% 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: $10,317
• − Mortgage interest: −$5,041
• − Property taxes: −$1,477
• − Insurance: −$450
• − Repairs & maintenance: −$825
• − Management: −$825
• − Depreciation: −$2,618
• Taxable loss: −$921
• Est. tax savings @ 24.0%: +$221
• After-tax cash flow: $780/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

+83.3% since first listed

10 events — show timeline

• 2026-04-06 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-02 Pending — MIBOR as Distributed by MLS Grid
• 2025-12-01 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2023-01-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-11-01 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2015-03-02 Sold (MLS) $33,334 MIBOR as Distributed by MLS Grid
• 2015-01-15 Pending — MIBOR as Distributed by MLS Grid
• 2015-01-15 Relisted — MIBOR as Distributed by MLS Grid
• 2014-11-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-07-23 Listed $49,100 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $1,477 · +10.4% YoY. Source: county tax records.