602 Lincoln St · Indianapolis city (balance), IN 46203

$79,950

2 bd · 1.0 ba · 952 sqft · Condo public records · 34 Days on market

Built 1880

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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
• 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

Listing remarks

This distinctive condominium presents an excellent investment opportunity for individuals seeking to personalize a space or for those handy homeowners ready to embark on a rewarding project. An inviting porch with a separate entry welcomes you inside, encompassing a great room, separate dining room, kitchen, two comfortable bedrooms, and supplemental storage/workshop area. The exterior features a partially fenced yard and separate rear entries. Don't miss out on this remarkable Bates-Hendricks opportunity to shape a living space filled with potential and promise.

Key facts

• Separate dining room
• Great room
• Supplemental storage

Tags

• INVITING PORCH
• SEPARATE ENTRY
• GREAT ROOM
• SEPARATE DINING ROOM
• COMFORTABLE BEDROOMS
• SUPPLEMENTAL STORAGE

Property features AI

Finance

• HOA & community: 2+ common walls (no one above or below); No community amenities listed; Not low-maintenance lifestyle

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas available; Solid waste service available
• Home design: Residential condominium; Attached unit (vertical, ground-level location available); Two-level layout; South-facing; Fixer condition; Has a view
• Construction: Vinyl siding; Block and brick/mortar foundation
• Exterior features: Covered patio; Patio; Partial fencing; Mature trees; City lot with curbs, sidewalks and street lights; Access to street

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 2 upper-level bedrooms
• Bathrooms: 1 full bath on main level
• Heating & cooling: Forced-air heating; No central cooling
• Interior features: Eat-in kitchen; Smart thermostat; Supplemental storage; Utility room
• Laundry & utility: Main-level laundry; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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.
• Zoned schools: Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 499 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 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 + 2.9% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 24y 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 $40k; list at $80k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,551 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.63% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 19.1%
• Equity multiple: 1.77×
• Total profit: $17,292
• Equity at exit: $11,921

10-year hold

• IRR: 27.3%
• Equity multiple: 3.40×
• Total profit: $53,619
• Equity at exit: $6,913

Cash invested: $22,386 (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: 499
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,303 high
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,199/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $477

Break-even live

Break-even rent $699

Max offer price $79,950

Occupancy floor 58%

Sensitivity live

Price	-10% $532	-5% $505	+0% $477	+5% $449	+10% $422
Rent	-10% $374	-5% $426	+0% $477	+5% $529	+10% $580
Rate	-1.0pp $517	-0.5pp $497	base $477	+0.5pp $456	+1.0pp $435

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: $19,988
• Closing costs: $2,398
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	24d	1	0.09mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.10mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.10mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	44d	1	0.17mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	8d	1	0.17mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.23mi
1409 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,245	$1.31	44d	1	0.25mi
1407 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,150	$1.21	44d	1	0.25mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	24d	1	0.27mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.27mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.29mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.30mi
436 Sanders St Indianapolis, IN	1.0	1.0	800	$800	$1.00	8d	1	0.35mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	44d	1	0.42mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.42mi
355 E Morris St Indianapolis, IN	2.0	1.0	648	$1,800	$2.78	24d	1	0.43mi
118 E Palmer St Indianapolis, IN	1.0	1.0	600	$649	$1.08	44d	1	0.43mi
118 E Palmer St #122 Indianapolis, IN	1.0	1.0	600	$875	$1.46	44d	1	0.43mi
118 E Palmer St #120 Indianapolis, IN	1.0	1.0	600	$825	$1.38	18d	1	0.43mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	15d	1	0.44mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	44d	1	0.44mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	8d	1	0.45mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.49mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	0.50mi
336 Prospect St Indianapolis, IN	1.0	1.0	450	$772	$1.72	13d	2	0.52mi
114 Adler St Indianapolis, IN	2.0	1.0	688	$795	$1.16	44d	1	0.54mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	44d	1	0.55mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	0.56mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	0.57mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.57mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	15d	1	0.57mi
1461 S Meridian St Unit A Indianapolis, IN	1.0	1.0	800	$950	$1.19	44d	1	0.59mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	18d	1	0.63mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	44d	1	0.66mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.69mi
2236 Ransdell St Indianapolis, IN	2.0	1.0	850	$1,150	$1.35	44d	1	0.73mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	2d	8	0.73mi
1122 S Meridian St Unit B MERIDIAN Indianapolis, IN	2.0	1.5	840	$1,100	$1.31	44d	1	0.75mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	44d	1	0.79mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	44d	1	0.82mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-04-16
   status Pending
2. 2026-03-12
   price $79,950
3. 2026-03-12
   listed $79,900 Active
4. 2025-11-04
   historical
5. 2025-10-21
   price $129,900
6. 2025-09-29
   price $130,000
7. 2025-08-06
   listed $149,900 Active
8. 2022-08-15
   historical
9. 2022-08-08
   status Active
10. 2022-08-05
    status Pending
11. 2022-07-28
    listed $210,000 Active
12. 2022-01-25
    price $875
13. 2016-10-27
    soldstatus $40,000 Sold
14. 2016-09-26
    historical Active with Contingency
15. 2016-09-21
    price $50,000
16. 2016-09-21
    status Active
17. 2016-09-12
    status Pending
18. 2016-09-03
    price $70,000
19. 2016-08-08
    price $85,500
20. 2016-07-20
    listed $95,500 Active
21. 2013-01-24
    historical
22. 2012-06-26
    listed $9,128
23. 2011-02-15
    historical
24. 2010-08-21
    historical
25. 2010-08-16
    listed $14,900
26. 2010-02-23
    listed $30,000
27. 2005-02-12
    listed $69,000
28. 2005-02-09
    soldstatus $69,000
29. 2002-10-18
    soldstatus $46,900
30. 2002-08-31
    listed $54,900

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

Taxation est. · year 1

• Rental income: $15,639
• − Mortgage interest: −$4,478
• − Property taxes: −$1,199
• − Insurance: −$400
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$2,326
• Taxable income: $4,734
• Est. tax owed @ 24.0%: −$1,136
• After-tax cash flow: $4,589/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

+45.6% since first listed

30 events — show timeline

• 2026-04-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-12 Price Changed $79,950 MIBOR as Distributed by MLS Grid
• 2026-03-12 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2025-11-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-21 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2025-09-29 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2025-08-06 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2022-08-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-08-08 Relisted — MIBOR as Distributed by MLS Grid
• 2022-08-05 Pending — MIBOR as Distributed by MLS Grid
• 2022-07-28 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2022-01-25 Price Changed $875 RENT.
• 2016-10-27 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2016-09-26 Contingent — MIBOR as Distributed by MLS Grid
• 2016-09-21 Price Changed $50,000 MIBOR as Distributed by MLS Grid
• 2016-09-21 Relisted — MIBOR as Distributed by MLS Grid
• 2016-09-12 Pending — MIBOR as Distributed by MLS Grid
• 2016-09-03 Price Changed $70,000 MIBOR as Distributed by MLS Grid
• 2016-08-08 Price Changed $85,500 MIBOR as Distributed by MLS Grid
• 2016-07-20 Listed $95,500 MIBOR as Distributed by MLS Grid
• 2013-01-24 Listing Removed — MARMLS
• 2012-06-26 Listed $9,128 MARMLS
• 2011-02-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-08-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-08-16 Listed $14,900 MIBOR as Distributed by MLS Grid
• 2010-02-23 Listed $30,000 MIBOR as Distributed by MLS Grid
• 2005-02-12 Listed $69,000 MIBOR as Distributed by MLS Grid
• 2005-02-09 Sold (MLS) $69,000 MIBOR as Distributed by MLS Grid
• 2002-10-18 Sold (MLS) $46,900 MIBOR as Distributed by MLS Grid
• 2002-08-31 Listed $54,900 MIBOR as Distributed by MLS Grid

Property tax history

+16.6%/yr

Latest (2022): $4,060 · +14.9% YoY. Source: county tax records.