3178 N Capitol Ave · Indianapolis city (balance), IN 46208

$475,000

1 bd · 1.0 ba · 2,200 sqft · MultiFamily public records · 62 Days on market

Built 1925 5,271 sqft lot $216/sqft · 266% above area

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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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

5-unit investment property, 100% occupied and newly renovated. This turnkey opportunity currently generates $5,721 per month with long-term tenants in place. Unit turns have been completed on all units, and the property features all new siding. Basement offers additional income potential through future laundry and/or tenant storage.

Key facts

• Long-term tenants
• New siding
• Investment property

Tags

• INVESTMENT PROPERTY
• NEWLY RENOVATED
• 100% OCCUPIED
• LONG-TERM TENANTS
• NEW SIDING
• ADDITIONAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/3.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $372/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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); 283 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $6,261/mo this rent would consume 125% of the median local household income ($60k/yr) (locally 978% 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 $3k of loan paydown is wiped out by about $14k 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 $133k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $37k; list at $475k implies a 1184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1925 — 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: 1.32% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.3

CMA / ARV

• ARV (median comp): $178,868
• List price: $475,000
• Delta: 165.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3547 N Illinois St	0.52mi	2/2.0 (+1)	2,088 (-5%)	1mo	$302,000	$145	57
3120 Boulevard Pl	0.16mi	1/2.0	1,876 (-15%)	20mo	$125,000	$67	47
3629 Graceland Ave	0.58mi	2/3.0 (+1)	2,154 (-2%)	23mo	$110,000	$51	37

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: 11.7%
• Equity multiple: 1.48×
• Total profit: $63,959
• Equity at exit: $70,824

10-year hold

• IRR: 23.1%
• Equity multiple: 3.31×
• Total profit: $306,731
• Equity at exit: $41,069

Cash invested: $133,000 (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: 283
• Price-to-rent: 31.6×

Monthly cashflow live

• Estimated rent: $6,261 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$395 /mo · $4,741/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,315
• Net cashflow: $1,862

Break-even live

Break-even rent $3,904

Max offer price $475,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,131	-5% $1,997	+0% $1,862	+5% $1,728	+10% $1,593
Rent	-10% $1,368	-5% $1,615	+0% $1,862	+5% $2,110	+10% $2,357
Rate	-1.0pp $2,101	-0.5pp $1,983	base $1,862	+0.5pp $1,739	+1.0pp $1,614

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	3	$6,260
Total (5 units)			$6,261

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$932	$0.89	44d	1	0.65mi
3554 Washington Blvd Indianapolis, IN	1.0	1.0	1714	$750	$0.44	24d	1	0.68mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$925	$0.87	21d	35	0.84mi
962 W 35th St Indianapolis, IN	2.0	1.0	1768	$1,195	$0.68	3d	1	0.88mi
2830 N Park Ave Indianapolis, IN	2.0	3.0	1500	$1,600	$1.07	44d	1	0.88mi
3359 N College Ave Indianapolis, IN	2.0	1.5	1450	$1,795	$1.24	11d	1	0.95mi
2141 N Talbott St Indianapolis, IN	2.0	2.5	1556	$2,600	$1.67	13d	1	1.24mi
1331 W 34th St Indianapolis, IN	2.0	1.0	2160	$1,399	$0.65	24d	1	1.29mi
2136 Central Ave Indianapolis, IN	3.0	1.0–2.0	1325	$2,032	$1.53	2d	33	1.34mi
4071 N College Ave Indianapolis, IN	2.0	2.5	2000	$2,200	$1.10	5d	1	1.45mi
4073 N College Ave Indianapolis, IN	2.0	2.5	2000	$2,500	$1.25	44d	1	1.45mi
2124 Broadway St Unit 4 Indianapolis, IN	1.0	1.0	2730	$1,075	$0.39	22d	1	1.46mi

Listing history 26 events

1. 2026-06-21
   days on market $475,000 Active 62 DOM
2. 2026-06-18
   days on market $475,000 Active 59 DOM
3. 2026-06-17
   days on market $475,000 Active 58 DOM
4. 2026-06-16
   days on market $475,000 Active 57 DOM
5. 2026-06-15
   days on market $475,000 Active 56 DOM
6. 2026-06-13
   days on market $475,000 Active 54 DOM
7. 2026-06-13
   days on market $475,000 Active 53 DOM
8. 2026-06-09
   days on market $475,000 Active 50 DOM
9. 2026-06-08
   remarks 370-char remark
10. 2026-06-08
    days on market $475,000 Active 49 DOM
11. 2026-06-07
    days on market $475,000 Active 48 DOM
12. 2026-06-03
    days on market $475,000 Active 44 DOM
13. 2026-06-02
    days on market $475,000 Active 43 DOM
14. 2026-06-01
    days on market $475,000 Active 42 DOM
15. 2026-05-31
    days on market $475,000 Active 41 DOM
16. 2026-04-20
    listed $475,000 Active 334-char remark

    Show marketing remark (334 chars)

    5-unit investment property, 100% occupied and newly renovated. This turnkey opportunity currently generates $5,721 per month with long-term tenants in place. Unit turns have been completed on all units, and the property features all new siding. Basement offers additional income potential through future laundry and/or tenant storage.

17. 2015-07-24
    soldstatus $37,000 Sold 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

18. 2015-07-06
    status Pending 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

19. 2015-06-25
    historical Contingent - Backup Pending Contracts 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

20. 2015-06-19
    status Active 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

21. 2015-05-01
    historical 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

22. 2015-03-09
    price $39,000 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

23. 2015-01-22
    price $49,900 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

24. 2014-10-23
    listed $68,900 Active 461-char remark

    Show marketing remark (461 chars)

    Terrific potential for an investor. In an up and coming rehab area already well under way. 3 possible units in this cute home facing Capitol. 2nd and 3rd entries face 32nd street. Hardwood floors, partially fenced, 2 car gar. underneath, MEMBERSHIP IN CHILDRENS MUSEUM INCLUDED AT THESE ADDRESSES. Close to Ivy tech, IUPUI, Med. School, Dental School, and Law school. With a little elbow grease: Live in one and use the others to pay expenses and tuition!

25. 2006-09-13
    soldstatus $40,000
26. 2005-10-11
    listed $45,000

ⓘ 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: $4,741 · $395/mo
• Projected year-2 tax: $4,741 · $395/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) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $75,132
• − Mortgage interest: −$26,607
• − Property taxes: −$4,741
• − Insurance: −$2,375
• − Repairs & maintenance: −$6,011
• − Management: −$6,011
• − Depreciation: −$13,818
• Taxable income: $15,569
• Est. tax owed @ 24.0%: −$3,737
• After-tax cash flow: $18,610/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

+955.6% since first listed

11 events — show timeline

• 2026-04-20 Listed $475,000 MIBOR as Distributed by MLS Grid
• 2015-07-24 Sold (MLS) $37,000 MIBOR as Distributed by MLS Grid
• 2015-07-06 Pending — MIBOR as Distributed by MLS Grid
• 2015-06-25 Contingent — MIBOR as Distributed by MLS Grid
• 2015-06-19 Relisted — MIBOR as Distributed by MLS Grid
• 2015-05-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-03-09 Price Changed $39,000 MIBOR as Distributed by MLS Grid
• 2015-01-22 Price Changed $49,900 MIBOR as Distributed by MLS Grid
• 2014-10-23 Listed $68,900 MIBOR as Distributed by MLS Grid
• 2006-09-13 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2005-10-11 Listed $45,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2025): $4,741 · +548.0% YoY. Source: county tax records.