137 S Sheridan Ave · Indianapolis city (balance), IN 46219

$134,900

2 bd · 4.0 ba · 552 sqft · MultiFamily public records · 83 Days on market

Built 1928 6,403 sqft lot $244/sqft · 54% above area Est $175k · 23% 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 +29.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Rent growth +3.2/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Fantastic Cash flowing duplex! 137 side is vacant and has been updated within the last two months! Updated LVP flooring, Paint, Kitchen, Bath. New total sewer line replaced in 2022. Don't miss adding this to your rental portfolio today! One side is currently rented at $700/month. The other side is vacant and ready for showings and rental.

Key facts

• Updated bath
• Updated paint
• New total sewer line

Tags

• UPDATED LVP FLOORING
• UPDATED PAINT
• UPDATED KITCHEN
• UPDATED BATH
• NEW TOTAL SEWER LINE

🏷️ Possibly a rental listed for sale. The $134,900 price doesn't fit this home's estimated sale value (~$175,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive. Per door: $243/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 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 (+2.6%/yr); 140 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 37% of the median local income ($61k/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 $933 of loan paydown is wiped out by about $4k 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 + 2.6% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 13 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 $73k; list at $135k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.44%
• DSCR: 1.69
• GRM: 6.0

CMA / ARV

• ARV (median comp): $175,000
• List price: $134,900
• Delta: -22.91%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.63% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.22×
• Total profit: $8,472
• Equity at exit: $20,114

10-year hold

• IRR: 14.9%
• Equity multiple: 2.18×
• Total profit: $44,686
• Equity at exit: $11,664

Cash invested: $37,772 (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 46219

• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,881 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$236 /mo · $2,835/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $486

Break-even live

Break-even rent $1,266

Max offer price $134,900

Occupancy floor 69%

Sensitivity live

Price	-10% $562	-5% $524	+0% $486	+5% $448	+10% $410
Rent	-10% $337	-5% $412	+0% $486	+5% $560	+10% $635
Rate	-1.0pp $554	-0.5pp $520	base $486	+0.5pp $451	+1.0pp $416

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,882
Total (2 units)			$1,881

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 S Webster Ave Indianapolis, IN	1.0	1.0	700	$799	$1.14	44d	1	0.17mi
15 S Webster Ave Indianapolis, IN	1.0	1.0	650	$799	$1.23	5d	1	0.18mi
6052 E Washington St Unit B Indianapolis, IN	1.0	1.0	600	$575	$0.96	24d	1	0.20mi
5914 E Washington St Indianapolis, IN	1.0	1.0	700	$825	$1.18	24d	1	0.31mi
5901 E Washington St Apt 38 Indianapolis, IN	1.0	1.0	670	$949	$1.42	2d	1	0.33mi
5819 E Washington St #10 Indianapolis, IN	1.0	1.0	550	$715	$1.30	44d	1	0.42mi
5819 E Washington St #13 Indianapolis, IN	1.0	1.0	700	$795	$1.14	44d	1	0.42mi
29 S Audubon Rd Indianapolis, IN	1.0–2.0	1.0	670	$989	$1.48	14d	5	0.50mi
5730 E Washington St Indianapolis, IN	1.0–2.0	1.0	556	$865	$1.55	14d	4	0.50mi
5703 E Washington St Indianapolis, IN	2.0	1.0	628	$1,025	$1.63	3d	3	0.53mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$804	$1.74	3d	6	1.04mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$819	$1.77	11d	6	1.04mi
4 N Butler Ave Unit 2 Indianapolis, IN	1.0	1.0	500	$675	$1.35	24d	1	1.09mi
5143 E Washington St Apt 102 Indianapolis, IN	1.0	1.0	630	$850	$1.35	44d	1	1.13mi
5143 E Washington St Apt 101 Indianapolis, IN	1.0	1.0	600	$800	$1.33	44d	1	1.13mi
25 S Emerson Ave Indianapolis, IN	1.0	1.0	710	$649	$0.91	44d	1	1.22mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	24d	1	1.34mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	1.40mi
831 N Emerson Ave Indianapolis, IN	1.0	1.0	647	$1,000	$1.55	24d	1	1.43mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	44d	1	1.46mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	1.49mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	1.49mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	22d	1	1.49mi

Listing history 40 events

1. 2026-06-08
   statusdays on market $134,900 Pending 83 DOM
2. 2026-06-07
   days on market $134,900 Active 82 DOM
3. 2026-06-03
   days on market $134,900 Active 78 DOM
4. 2026-06-02
   days on market $134,900 Active 77 DOM
5. 2026-06-01
   days on market $134,900 Active 76 DOM
6. 2026-05-31
   days on market $134,900 Active 75 DOM
7. 2026-05-07
   price $134,900 346-char remark

   Show marketing remark (346 chars)

   Fantastic Cash flowing duplex! 137 side is vacant and has been updated within the last two months! Updated LVP flooring, Paint, Kitchen, Bath. New total sewer line replaced in 2022. Don't miss adding this to your rental portfolio today! One side is currently rented at $700/month. The other side is vacant and ready for showings and rental.

8. 2026-03-16
   listed $140,000 Active 346-char remark

   Show marketing remark (346 chars)

   Fantastic Cash flowing duplex! 137 side is vacant and has been updated within the last two months! Updated LVP flooring, Paint, Kitchen, Bath. New total sewer line replaced in 2022. Don't miss adding this to your rental portfolio today! One side is currently rented at $700/month. The other side is vacant and ready for showings and rental.

9. 2026-02-21
   listed $750
10. 2025-12-17
    historical
11. 2025-11-29
    price $143,000
12. 2025-11-05
    price $147,000
13. 2025-10-21
    price $150,000
14. 2025-10-02
    price $154,900
15. 2025-09-15
    price $159,900
16. 2025-08-14
    status Active
17. 2025-07-14
    status Pending
18. 2025-06-30
    listed $150,000 Active
19. 2023-12-05
    historical $700
20. 2023-11-11
    price $700
21. 2023-10-29
    listed $750
22. 2022-12-28
    historical
23. 2022-12-21
    status Active
24. 2022-12-12
    status Pending
25. 2022-11-16
    price $134,900
26. 2022-11-01
    status Active
27. 2022-09-22
    status Active
28. 2022-09-11
    status Pending
29. 2022-08-23
    listed $145,000 Active
30. 2021-12-29
    soldstatus $73,000 Closed
31. 2021-12-15
    status Pending
32. 2021-11-23
    price $83,000
33. 2021-11-04
    price $101,228
34. 2021-10-27
    status Active
35. 2021-10-20
    status Pending
36. 2021-10-17
    listed $107,000 Active
37. 2014-09-20
    historical
38. 2014-09-20
    historical
39. 2014-02-20
    listed $14,900
40. 2014-02-20
    listed $14,900

ⓘ 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: $2,835 · $236/mo
• Projected year-2 tax: $2,835 · $236/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 3/10 Moderate 7 d/yr ≥102°F today · 18 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: $22,572
• − Mortgage interest: −$7,556
• − Property taxes: −$2,835
• − Insurance: −$674
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$3,924
• Taxable income: $3,970
• Est. tax owed @ 24.0%: −$953
• After-tax cash flow: $4,880/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+805.4% since first listed

34 events — show timeline

• 2026-05-07 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2026-03-16 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2026-02-21 Listed for Rent $750 BUILDIUM
• 2025-12-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-29 Price Changed $143,000 MIBOR as Distributed by MLS Grid
• 2025-11-05 Price Changed $147,000 MIBOR as Distributed by MLS Grid
• 2025-10-21 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2025-10-02 Price Changed $154,900 MIBOR as Distributed by MLS Grid
• 2025-09-15 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2025-08-14 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-14 Pending — MIBOR as Distributed by MLS Grid
• 2025-06-30 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2023-12-05 Rental Removed $700 MIBOR
• 2023-11-11 Price Changed $700 MIBOR
• 2023-10-29 Listed for Rent $750 MIBOR
• 2022-12-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-12-21 Relisted — MIBOR as Distributed by MLS Grid
• 2022-12-12 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-16 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2022-11-01 Relisted — MIBOR as Distributed by MLS Grid
• 2022-09-22 Relisted — MIBOR as Distributed by MLS Grid
• 2022-09-11 Pending — MIBOR as Distributed by MLS Grid
• 2022-08-23 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2021-12-29 Sold (MLS) $73,000 MIBOR as Distributed by MLS Grid
• 2021-12-15 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-23 Price Changed $83,000 MIBOR as Distributed by MLS Grid
• 2021-11-04 Price Changed $101,228 MIBOR as Distributed by MLS Grid
• 2021-10-27 Relisted — MIBOR as Distributed by MLS Grid
• 2021-10-20 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-17 Listed $107,000 MIBOR as Distributed by MLS Grid
• 2014-09-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-09-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-02-20 Listed $14,900 MIBOR as Distributed by MLS Grid
• 2014-02-20 Listed $14,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $2,835 · +23.8% YoY. Source: county tax records.