2009 N Ritter Ave · Indianapolis city (balance), IN 46218

$90,000

3 bd · 1.0 ba · 1,288 sqft · SingleFamily public records · 4 Days on market

Built 1960 8,059 sqft lot Est $157k · 43% 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 +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2009 N Ritter AVE, INDIANAPOLIS, IN, a charming single family residence built in 1960. Spanning well over 1288 square feet, this inviting home is ready for you to move in and begin your next chapter. The heart of this home features a kitchen designed for both culinary exploration and casual gathering, complete with a functional peninsula. This single-story ranch offers a large great room with a fireplace. Three comfortable bedrooms and a full bathroom. An attached garage provides convenience, while a dedicated laundry room simplifies daily routines. Step outside to discover a private yard and patio, offering an ideal setting for outdoor enjoyment. Discover the effortless living o

Key facts

• Functional peninsula
• Private yard
• Patio

Tags

• FUNCTIONAL PENINSULA
• LARGE GREAT ROOM
• FIREPLACE
• PRIVATE YARD
• PATIO
• DEDICATED LAUNDRY ROOM

Property features AI

Finance

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

Exterior

• Parking: Attached asphalt driveway; 1-car garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Slab foundation
• Exterior features: Patio; Full fence; Mature trees on the lot

Interior

• Kitchen: Gas oven; Refrigerator; Dishwasher; Disposal
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Wood-burning fireplace
• Laundry & utility: Washer; Dryer; Gas water heater; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 12.6% 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 flat; 336 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 43% of the median local income ($38k/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 $622 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1960 — 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: 1.52% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.45%
• DSCR: 2.00
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $157,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5310 E 16th St	0.50mi	3/1.5	1,288 (0%)	0mo	$148,500	$115	75
2260 N Graham Ave	0.37mi	3/1.0	1,280 (-1%)	10mo	$115,000	$90	74
2241 N Spencer Ave	0.47mi	3/2.0	1,272 (-1%)	0mo	$147,000	$116	72
5402 E 20th Pl	0.13mi	2/1.0 (-1)	1,440 (+12%)	1mo	$155,000	$108	68
1730 N Graham Ave	0.37mi	4/2.0 (+1)	1,250 (-3%)	10mo	$183,500	$147	60
5349 E 19th Pl	0.18mi	2/1.0 (-1)	1,440 (+12%)	9mo	$84,000	$58	59
5702 E 17th St	0.42mi	4/1.5 (+1)	1,352 (+5%)	10mo	$179,000	$132	57
1747 N Whittier Pl	0.30mi	2/1.5 (-1)	1,440 (+12%)	5mo	$177,721	$123	55
5473 E 18th St	0.31mi	2/1.0 (-1)	1,440 (+12%)	11mo	$175,000	$122	52
1749 N Graham Ave	0.39mi	3/1.5	1,456 (+13%)	8mo	$145,000	$100	52
1710 N Irvington Ave	0.44mi	2/1.0 (-1)	1,440 (+12%)	10mo	$185,000	$128	47
1624 N Whittier Pl	0.42mi	2/2.0 (-1)	1,440 (+12%)	10mo	$176,000	$122	44

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.50×
• Total profit: $12,498
• Equity at exit: $13,419

10-year hold

• IRR: 19.9%
• Equity multiple: 2.51×
• Total profit: $37,990
• Equity at exit: $7,782

Cash invested: $25,200 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 336
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,371 high
• Mortgage (P&I): −$472
• Tax from tax record: −$102 /mo · $1,228/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $471

Break-even live

Break-even rent $774

Max offer price $90,000

Occupancy floor 61%

Sensitivity live

Price	-10% $522	-5% $497	+0% $471	+5% $446	+10% $420
Rent	-10% $363	-5% $417	+0% $471	+5% $526	+10% $580
Rate	-1.0pp $517	-0.5pp $494	base $471	+0.5pp $448	+1.0pp $424

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1742 N Whittier Pl Indianapolis, IN	2.0	1.0	1440	$995	$0.69	11d	1	0.28mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	44d	1	0.45mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	24d	1	0.45mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	22d	11	0.62mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	0.69mi
1366 N Arlington Ave Indianapolis, IN	2.0	1.0–1.5	885	$1,074	$1.21	3d	10	0.70mi
4930 Elliott Ave Indianapolis, IN	4.0	1.0	1219	$1,500	$1.23	44d	1	0.82mi
6154 Commodore Dr Indianapolis, IN	2.0	1.0	900	$950	$1.06	24d	1	0.82mi
4732 E 18th St Unit A Indianapolis, IN	3.0	2.0	1200	$1,700	$1.42	44d	1	0.85mi
2703 Kristen Dr E Indianapolis, IN	3.0	1.0	1155	$1,700	$1.47	44d	1	0.87mi
6267 E 24th St Indianapolis, IN	3.0	1.0	981	$1,195	$1.22	2d	1	1.02mi
6203 E 11th St Indianapolis, IN	2.0	1.0	880	$1,025	$1.16	24d	1	1.15mi
822 N Emerson Ave Indianapolis, IN	2.0	1.0	928	$1,050	$1.13	44d	1	1.17mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	44d	1	1.22mi
1421 N Colorado Ave Indianapolis, IN	2.0	1.0	983	$1,225	$1.25	24d	1	1.30mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	14d	1	1.34mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	1.37mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	44d	1	1.40mi
5105 E North St Indianapolis, IN	2.0	2.0	1180	$2,250	$1.91	44d	1	1.41mi
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	24d	1	1.41mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	22d	1	1.43mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	44d	1	1.43mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	8d	1	1.43mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	24d	1	1.44mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	15d	1	1.45mi
2819 N Gladstone Ave Indianapolis, IN	4.0	2.0	1261	$1,450	$1.15	44d	1	1.46mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	14d	1	1.46mi

Listing history 3 events

1. 2026-05-31
   status $90,000 Pending 4 DOM
2. 2026-05-31
   days on market $90,000 Active 4 DOM
3. 2026-05-26
   listed $90,000 Active

ⓘ 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: $1,228 · $102/mo
• Projected year-2 tax: $1,228 · $102/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 3/10 Moderate 7 d/yr ≥101°F today · 18 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: $16,454
• − Mortgage interest: −$5,041
• − Property taxes: −$1,228
• − Insurance: −$450
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$2,618
• Taxable income: $4,484
• Est. tax owed @ 24.0%: −$1,076
• After-tax cash flow: $4,581/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

• 2026-05-26 Listed $90,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.8%/yr

Latest (2025): $1,228 · +38.9% YoY. Source: county tax records.