2187 White Ave · Indianapolis city (balance), IN 46202

$55,000

2 bd · 1.0 ba · 1,127 sqft · SingleFamily public records · 16 Days on market

Built 1955 4,704 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Packed with potential, this charming bungalow offers 3 bedrooms, 1 full bath, and 1,127 sq ft of living space. The flexible floor plan features one bedroom on the main level and two additional bedrooms upstairs. A former garage has been converted into a workspace, providing extra room for hobbies, storage, or future customization. With its vinyl and wood exterior, classic character, and opportunity for updates, this property is perfect for investors, DIY enthusiasts, or buyers looking to build equity. Bring your vision and make this home your own!

Key facts

• Flexible floor plan
• Classic character
• Converted workspace

Tags

• FLEXIBLE FLOOR PLAN
• CONVERTED WORKSPACE
• VINYL AND WOOD EXTERIOR
• CLASSIC CHARACTER

Property features AI

Exterior

• Parking: Attached garage (approximately 378 sq ft)
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One-and-a-half stories
• Construction: Vinyl siding and wood siding; Slab foundation
• Exterior features: Lot is approximately 0.11 acres (less than 1/4 acre)

Interior

• Kitchen: Refrigerator
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Stained or painted woodwork
• Laundry & utility: Main level utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.8% 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 soft (-0.4%/yr); 266 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 $380 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.41% ✓
• Cap rate: 19.79%
• Cash-on-cash: 48.19%
• DSCR: 3.14
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $155,526
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1330 W Pruitt St	0.15mi	3/1.0 (+1)	1,088 (-4%)	8mo	$150,000	$138	76
1206 W 25th St	0.36mi	3/1.0 (+1)	1,152 (+2%)	7mo	$72,750	$63	68
1303 W 25th St	0.35mi	3/2.0 (+1)	1,156 (+3%)	2mo	$211,000	$183	68
1835 Koehne St	0.46mi	2/1.0	1,066 (-5%)	2mo	$130,000	$122	68
2041 N Dexter St	0.21mi	3/2.0 (+1)	1,050 (-7%)	10mo	$227,500	$217	61
1309 W 26th St	0.41mi	3/2.0 (+1)	1,050 (-7%)	1mo	$210,000	$200	60
727 W 25th St	0.73mi	2/1.0	1,130 (+0%)	9mo	$25,500	$23	58
953 W 25th St	0.48mi	3/2.0 (+1)	1,180 (+5%)	4mo	$160,000	$136	57
837 W 25th St	0.59mi	3/1.0 (+1)	1,080 (-4%)	4mo	$160,000	$148	57
1153 W 29th St	0.72mi	2/1.0	1,093 (-3%)	11mo	$138,000	$126	52
1341 W 26th St	0.43mi	3/1.5 (+1)	1,236 (+10%)	10mo	$210,500	$170	49
811 W 25th St	0.62mi	3/2.0 (+1)	1,292 (+15%)	9mo	$56,000	$43	30

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 42.1%
• Equity multiple: 2.73×
• Total profit: $26,634
• Equity at exit: $8,201

10-year hold

• IRR: 46.8%
• Equity multiple: 4.84×
• Total profit: $59,077
• Equity at exit: $4,755

Cash invested: $15,400 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 266
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$288
• Tax from tax record: −$119 /mo · $1,433/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $618

Break-even live

Break-even rent $545

Max offer price $55,000

Occupancy floor 48%

Sensitivity live

Price	-10% $650	-5% $634	+0% $618	+5% $603	+10% $587
Rent	-10% $514	-5% $566	+0% $618	+5% $671	+10% $723
Rate	-1.0pp $646	-0.5pp $632	base $618	+0.5pp $604	+1.0pp $590

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	0.19mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	0.19mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	44d	1	0.21mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	24d	1	0.26mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	0.28mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	44d	1	0.29mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	4d	1	0.32mi
1214 W 25th St Indianapolis, IN	1.0	1.0	800	$775	$0.97	24d	1	0.34mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	5d	1	0.40mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	24d	1	0.44mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	24d	1	0.44mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	44d	1	0.46mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	44d	1	0.68mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	24d	1	0.70mi
1449 Montcalm St Indianapolis, IN	3.0	1.0	1300	$1,900	$1.46	44d	1	0.73mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	44d	1	0.74mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	0.82mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	0.85mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	0.86mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	2d	36	0.91mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	44d	1	0.93mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	24d	1	0.95mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	24d	1	0.97mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	21d	1	1.00mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	24d	1	1.02mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	24d	1	1.03mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	44d	1	1.03mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	44d	1	1.03mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	4d	4	1.11mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	1.11mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	44d	1	1.11mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	44d	1	1.12mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	3d	9	1.13mi
2318 N Capitol Ave Indianapolis, IN	3.0	1.0	1440	$1,050	$0.73	44d	1	1.14mi
1401 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–2.0	1.0	982	$1,875	$1.91	15d	1	1.15mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	1.16mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,379	$0.75	8d	6	1.17mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	1.18mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$2,371	$2.71	5d	1	1.19mi
1226 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–3.0	1.0–3.5	1067	$1,828	$1.71	2d	10	1.22mi

Listing history 11 events

1. 2026-06-21
   days on market $55,000 Active 16 DOM
2. 2026-06-18
   days on market $55,000 Active 13 DOM
3. 2026-06-17
   days on market $55,000 Active 12 DOM
4. 2026-06-16
   days on market $55,000 Active 11 DOM
5. 2026-06-15
   days on market $55,000 Active 10 DOM
6. 2026-06-13
   days on market $55,000 Active 8 DOM
7. 2026-06-13
   days on market $55,000 Active 7 DOM
8. 2026-06-09
   days on market $55,000 Active 4 DOM
9. 2026-06-08
   days on market $55,000 Active 3 DOM
10. 2026-06-07
    remarks 553-char remark
11. 2026-06-07
    listed $55,000 Active 2 DOM

ⓘ 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: $1,433 · $119/mo
• Projected year-2 tax: $1,433 · $119/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 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: $15,936
• − Mortgage interest: −$3,081
• − Property taxes: −$1,433
• − Insurance: −$275
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$1,600
• Taxable income: $6,998
• Est. tax owed @ 24.0%: −$1,680
• After-tax cash flow: $5,741/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Arabic 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

1 event — show timeline

• 2026-06-05 Listed $55,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2025): $1,433 · +10.0% YoY. Source: county tax records.