635 Dayton Ave · Indianapolis city (balance), IN 46203

$89,900

1 bd · 2.0 ba · 572 sqft · MultiFamily public records · 80 Days on market

Built 1950 5,619 sqft lot $157/sqft · 41% above area Est $128k · 30% under ↓ 10% since listing

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

Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

Key facts

• Strong potential
• Two units
• Full rehab

Tags

• FULL REHAB
• STRONG POTENTIAL
• TWO UNITS
• RENTAL INCOME
• HOUSE-HACK OPPORTUNITY
• NEAR PARKS

What this means for you Summary

Snapshot

• This is a 1×1.0bd/1.0ba + 1×2.0bd/1.0ba units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive. Per door: $462/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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 (+2.9%/yr); 493 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 41% of the median local income ($57k/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 $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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1950 — 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: 2.19% ✓
• Cap rate: 18.64%
• Cash-on-cash: 44.10%
• DSCR: 2.96
• GRM: 3.8

CMA / ARV

• ARV (median comp): $127,749
• List price: $89,900
• Delta: -29.63%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 40.9%
• Equity multiple: 2.75×
• Total profit: $44,144
• Equity at exit: $13,404

10-year hold

• IRR: 47.1%
• Equity multiple: 5.51×
• Total profit: $113,476
• Equity at exit: $7,773

Cash invested: $25,172 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,973 high
• Mortgage (P&I): −$471
• Tax from tax record: −$125 /mo · $1,498/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $925

Break-even live

Break-even rent $802

Max offer price $89,900

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
1× unit	1.0	1	$833
1× unit	2.0	1	$1,139
Total (2 units)			$1,973

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
648 Dayton Ave Indianapolis, IN	1.0	1.0	450	$750	$1.67	14d	1	0.02mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	21d	1	0.86mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	21d	1	0.88mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	43d	1	0.88mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	43d	1	0.88mi
222 S Downey Ave Apt 421 Indianapolis, IN	—	1.0	500	$919	$1.84	43d	1	0.93mi
222 S Downey Ave Unit 405 Indianapolis, IN	—	1.0	412	$971	$2.36	43d	1	0.93mi
25 S Emerson Ave Indianapolis, IN	1.0	1.0	710	$649	$0.91	43d	1	0.94mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	43d	1	0.94mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	1.00mi
5143 E Washington St Apt 102 Indianapolis, IN	1.0	1.0	630	$850	$1.35	43d	1	1.01mi
5143 E Washington St Apt 101 Indianapolis, IN	1.0	1.0	600	$800	$1.33	43d	1	1.01mi
4 N Butler Ave Unit 2 Indianapolis, IN	1.0	1.0	500	$675	$1.35	23d	1	1.06mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$804	$1.74	2d	6	1.10mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$819	$1.77	10d	6	1.10mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	1.25mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	43d	1	1.27mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	4d	1	1.27mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	1.30mi
29 S Audubon Rd Indianapolis, IN	1.0–2.0	1.0	670	$799	$1.19	13d	5	1.42mi
5703 E Washington St Indianapolis, IN	2.0	1.0	628	$880	$1.40	2d	3	1.42mi
5730 E Washington St Indianapolis, IN	1.0–2.0	1.0	556	$740	$1.33	13d	4	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $89,900 Active 80 DOM
2. 2026-06-17
   days on market $89,900 Active 79 DOM
3. 2026-06-16
   days on market $89,900 Active 78 DOM
4. 2026-06-15
   days on market $89,900 Active 77 DOM
5. 2026-06-13
   days on market $89,900 Active 75 DOM
6. 2026-06-13
   days on market $89,900 Active 74 DOM
7. 2026-06-09
   days on market $89,900 Active 71 DOM
8. 2026-06-08
   days on market $89,900 Active 70 DOM
9. 2026-06-07
   days on market $89,900 Active 69 DOM
10. 2026-06-03
    days on market $89,900 Active 65 DOM
11. 2026-06-02
    days on market $89,900 Active 64 DOM
12. 2026-06-02
    status $89,900 Active 63 DOM
13. 2026-05-08
    price $89,900 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

14. 2026-04-25
    price $90,900 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

15. 2026-04-17
    price $91,900 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

16. 2026-04-10
    price $93,900 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

17. 2026-03-30
    status Active 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

18. 2026-03-30
    price $95,900 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

19. 2026-03-23
    status Pending 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

20. 2026-03-19
    listed $99,900 Active 700-char remark

    Show marketing remark (700 chars)

    Investor Special in Christian Park! Great opportunity to bring this duplex back to life! Located in the desirable Christian Park area, this property is ready for a full rehab and offers strong potential for cash flow or resale. The property features two units: * Unit 1: 1 bedroom, 1 bathroom * Unit 2: 2 bedrooms, 1 bathroom Perfect for investors looking to add to their portfolio or take on their next renovation project. With the right vision, this duplex could generate solid rental income or be a great house-hack opportunity. Conveniently located near parks, schools, and downtown Indianapolis amenities. Bring your tools and ideas-this one has tons of potential!

ⓘ 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: $1,498 · $125/mo
• Projected year-2 tax: $1,498 · $125/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 · 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: $23,676
• − Mortgage interest: −$5,036
• − Property taxes: −$1,498
• − Insurance: −$450
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − Depreciation: −$2,615
• Taxable income: $10,290
• Est. tax owed @ 24.0%: −$2,470
• After-tax cash flow: $8,630/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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 White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

-10.0% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-04-25 Price Changed $90,900 MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $91,900 MIBOR as Distributed by MLS Grid
• 2026-04-10 Price Changed $93,900 MIBOR as Distributed by MLS Grid
• 2026-03-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-30 Price Changed $95,900 MIBOR as Distributed by MLS Grid
• 2026-03-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-19 Listed $99,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $1,498 · +11.9% YoY. Source: county tax records.