409 N Centennial St · Indianapolis city (balance), IN 46222

$130,000

1 bd · 4.0 ba · 578 sqft · MultiFamily public records · 105 Days on market

Built 1920 4,400 sqft lot $225/sqft · 304% above area Est $167k · 22% 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 +3.1/5.0
• 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!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

Key facts

• 4,400 sq ft lot
• Built 1920
• Listed 104 days

🏷️ Possibly a rental listed for sale. The $130,000 price doesn't fit this home's estimated sale value (~$167,134) 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/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• 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 (+2.5%/yr); 170 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $2,131/mo this rent would consume 50% of the median local household income ($51k/yr) (locally 1750% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 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 + 2.5% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $130k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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: 1.64% ✓
• Cap rate: 13.13%
• Cash-on-cash: 24.41%
• DSCR: 2.09
• GRM: 5.1

CMA / ARV

• ARV (median comp): $167,134
• List price: $130,000
• Delta: -22.22%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.69×
• Total profit: $25,001
• Equity at exit: $19,383

10-year hold

• IRR: 25.3%
• Equity multiple: 3.14×
• Total profit: $78,063
• Equity at exit: $11,240

Cash invested: $36,400 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,131 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$207 /mo · $2,486/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $740

Break-even live

Break-even rent $1,194

Max offer price $130,000

Occupancy floor 60%

Sensitivity live

Price	-10% $814	-5% $777	+0% $740	+5% $704	+10% $667
Rent	-10% $572	-5% $656	+0% $740	+5% $825	+10% $909
Rate	-1.0pp $806	-0.5pp $774	base $740	+0.5pp $707	+1.0pp $672

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,130
Total (2 units)			$2,131

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	0.03mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	20d	1	0.47mi
1165 N Concord St Indianapolis, IN	1.0	1.0	695	$775	$1.12	44d	1	0.77mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	1.05mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	1.18mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,460	$2.14	3d	14	1.23mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	1.34mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$919	$1.27	2d	9	1.35mi

Listing history 28 events

1. 2026-06-18
   days on market $130,000 Active 105 DOM
2. 2026-06-17
   days on market $130,000 Active 104 DOM
3. 2026-06-16
   days on market $130,000 Active 103 DOM
4. 2026-06-15
   days on market $130,000 Active 102 DOM
5. 2026-06-13
   days on market $130,000 Active 100 DOM
6. 2026-06-13
   days on market $130,000 Active 99 DOM
7. 2026-06-09
   days on market $130,000 Active 96 DOM
8. 2026-06-08
   days on market $130,000 Active 95 DOM
9. 2026-06-07
   days on market $130,000 Active 94 DOM
10. 2026-06-03
    days on market $130,000 Active 90 DOM
11. 2026-06-02
    days on market $130,000 Active 89 DOM
12. 2026-06-01
    days on market $130,000 Active 88 DOM
13. 2026-05-31
    days on market $130,000 Active 87 DOM
14. 2026-05-05
    price $130,000 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

15. 2026-03-31
    status Active 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

16. 2026-03-18
    status Pending 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

17. 2026-03-15
    status Active 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

18. 2026-03-05
    status Pending 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

19. 2026-02-10
    listed $140,000 Active 471-char remark

    Show marketing remark (471 chars)

    INVESTOR SPECIAL!!! The newest cash flowing duplex just hit the market. Each side is equipped with 2 bedrooms, dining room, and laundry hookups. Updated flooring lets new tenant move right in. On the other side, long term tenants give you peace of mind. Tenants right apply; please do not disturb tenants if passing by. With one side vacant, this give any buyer the opportunity to live in one side and rent the other! A great opportunity to open you investment portfolio.

20. 2019-03-07
    soldstatus $62,000 Sold 365-char remark

    Show marketing remark (365 chars)

    This is a well-maintained duplex in an up and coming neighborhood. New furnace and windows 2015-2016. 409 is occupied, great tenant on a year lease at $325 bi-weekly (8450/year). 409 totally updated with tile through kitchen and bath, newer cabinets. 411 empty but ready for a tenant. Being sold "as is'" although no known repairs are needed. Agent owned.

21. 2019-01-25
    status Pending 365-char remark

    Show marketing remark (365 chars)

    This is a well-maintained duplex in an up and coming neighborhood. New furnace and windows 2015-2016. 409 is occupied, great tenant on a year lease at $325 bi-weekly (8450/year). 409 totally updated with tile through kitchen and bath, newer cabinets. 411 empty but ready for a tenant. Being sold "as is'" although no known repairs are needed. Agent owned.

22. 2018-12-18
    status Active 365-char remark

    Show marketing remark (365 chars)

    This is a well-maintained duplex in an up and coming neighborhood. New furnace and windows 2015-2016. 409 is occupied, great tenant on a year lease at $325 bi-weekly (8450/year). 409 totally updated with tile through kitchen and bath, newer cabinets. 411 empty but ready for a tenant. Being sold "as is'" although no known repairs are needed. Agent owned.

23. 2018-12-05
    status Pending 365-char remark

    Show marketing remark (365 chars)

    This is a well-maintained duplex in an up and coming neighborhood. New furnace and windows 2015-2016. 409 is occupied, great tenant on a year lease at $325 bi-weekly (8450/year). 409 totally updated with tile through kitchen and bath, newer cabinets. 411 empty but ready for a tenant. Being sold "as is'" although no known repairs are needed. Agent owned.

24. 2018-11-06
    listed $72,000 Active 365-char remark

    Show marketing remark (365 chars)

    This is a well-maintained duplex in an up and coming neighborhood. New furnace and windows 2015-2016. 409 is occupied, great tenant on a year lease at $325 bi-weekly (8450/year). 409 totally updated with tile through kitchen and bath, newer cabinets. 411 empty but ready for a tenant. Being sold "as is'" although no known repairs are needed. Agent owned.

25. 2007-09-05
    historical
26. 2007-03-14
    listed $59,900
27. 2000-03-13
    soldstatus $30,000
28. 2000-01-08
    listed $36,500

ⓘ 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: $2,486 · $207/mo
• Projected year-2 tax: $2,486 · $207/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 6/10 Major FEMA zone X (unshaded) · 70% 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 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: $25,572
• − Mortgage interest: −$7,282
• − Property taxes: −$2,486
• − Insurance: −$650
• − Repairs & maintenance: −$2,046
• − Management: −$2,046
• − Depreciation: −$3,782
• Taxable income: $7,281
• Est. tax owed @ 24.0%: −$1,747
• After-tax cash flow: $7,138/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+256.2% since first listed

15 events — show timeline

• 2026-05-05 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-10 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2019-03-07 Sold (MLS) $62,000 MIBOR as Distributed by MLS Grid
• 2019-01-25 Pending — MIBOR as Distributed by MLS Grid
• 2018-12-18 Relisted — MIBOR as Distributed by MLS Grid
• 2018-12-05 Pending — MIBOR as Distributed by MLS Grid
• 2018-11-06 Listed $72,000 MIBOR as Distributed by MLS Grid
• 2007-09-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-14 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2000-03-13 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2000-01-08 Listed $36,500 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $2,486 · -1.0% YoY. Source: county tax records.