815 W 28th · Indianapolis city (balance), IN 46208

$125,000

5 bd · 3.5 ba · 2,327 sqft · SingleFamily public records · 6 Days on market

Built 1920 7,560 sqft lot Est $240k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Traditional 2 story home features 5 bedrooms and 2 full baths with 2 lots. Investors this would be a great investment property. Has been updated at some point with vinyl exterior and windows and it does need some TLC. Check it out soon!

Key facts

• Demo work completed
• Rough in's started
• Foundation re-done

Tags

• FOUNDATION RE-DONE
• DEMO WORK COMPLETED
• ROUGH IN'S STARTED

Property features AI

Finance

• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot under 1/4 acre (0.17 acre)

Interior

• Kitchen: No appliances listed
• Bedrooms: Five total bedrooms (3 upstairs, 2 on the main level); Primary bedroom has a walk-in closet
• Bathrooms: Three full bathrooms; One half bathroom; Primary bathroom includes a full shower stall
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished main and upper levels; Basement present
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 13.1% 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 fast (+6.4%/yr); 279 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 40% of the median local income ($60k/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 $864 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 + 6.4% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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 $100k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $125,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.59% ✓
• Cap rate: 13.06%
• Cash-on-cash: 24.15%
• DSCR: 2.07
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $239,681
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1014 W 26th St	0.30mi	4/3.0 (-1)	2,377 (+2%)	15mo	$245,000	$103	63
2718 Boulevard Pl	0.56mi	4/3.0 (-1)	2,459 (+6%)	2mo	$380,000	$155	55
2666 Burton Ave	0.57mi	4/2.0 (-1)	2,205 (-5%)	0mo	$230,000	$104	53
2705 Shriver Ave	0.45mi	4/1.5 (-1)	2,214 (-5%)	6mo	$150,000	$68	52
1176 Udell St	0.48mi	4/3.0 (-1)	2,452 (+5%)	16mo	$225,000	$92	49
950 W 33rd St	0.59mi	4/3.5 (-1)	2,446 (+5%)	12mo	$265,500	$109	48
2616 Boulevard Pl	0.57mi	5/2.5	2,380 (+2%)	23mo	$250,000	$105	46
1054 W 32nd St	0.58mi	4/2.5 (-1)	2,519 (+8%)	8mo	$100,000	$40	44
918 W 32nd St	0.50mi	4/2.0 (-1)	2,218 (-5%)	18mo	$184,900	$83	43
2823 Boulevard Pl	0.60mi	4/2.0 (-1)	2,464 (+6%)	10mo	$173,300	$70	42
318 Congress Ave	0.65mi	5/4.0	2,044 (-12%)	13mo	$210,000	$103	37
954 W 33rd St	0.59mi	4/2.0 (-1)	2,101 (-10%)	22mo	$235,000	$112	27

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.91×
• Total profit: $31,730
• Equity at exit: $18,638

10-year hold

• IRR: 31.6%
• Equity multiple: 4.34×
• Total profit: $116,735
• Equity at exit: $10,808

Cash invested: $35,000 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,985 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $704

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 60%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3160 Graceland Ave Indianapolis, IN	4.0	2.0	1936	$2,000	$1.03	23d	1	0.77mi
1331 W 34th St Indianapolis, IN	4.0	2.0	2160	$1,800	$0.83	14d	1	0.90mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	23d	1	1.37mi
1704 N Pennsylvania St Unit B Indianapolis, IN	4.0	1.5	2200	$1,800	$0.82	43d	1	1.48mi
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	43d	1	1.48mi

Listing history 6 events

1. 2026-06-18
   days on market $125,000 Active 6 DOM
2. 2026-06-17
   days on market $125,000 Active 5 DOM
3. 2026-06-16
   days on market $125,000 Active 4 DOM
4. 2026-06-15
   days on market $125,000 Active 3 DOM
5. 2026-06-13
   remarks 299-char remark
6. 2026-06-13
   listed $125,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥101°F today · 19 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: $23,823
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,906
• − Management: −$1,906
• − Depreciation: −$3,636
• Taxable income: $6,873
• Est. tax owed @ 24.0%: −$1,649
• After-tax cash flow: $6,804/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+575.7% since first listed

11 events — show timeline

• 2026-06-12 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-04-03 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2025-02-05 Pending — MIBOR as Distributed by MLS Grid
• 2025-01-13 Listed $105,900 MIBOR as Distributed by MLS Grid
• 2023-12-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-09-14 Price Changed $163,875 MIBOR as Distributed by MLS Grid
• 2023-07-28 Listed $172,500 MIBOR as Distributed by MLS Grid
• 2007-05-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-06-09 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2005-02-28 Sold (MLS) $16,500 MIBOR as Distributed by MLS Grid
• 2004-06-15 Listed $18,500 MIBOR as Distributed by MLS Grid

Property tax history

+31.4%/yr

Latest (2025): $9,150 · +14.9% YoY. Source: county tax records.