7902 Alexander St · Indianapolis city (balance), IN 46259

$285,000

3 bd · 2.0 ba · 1,002 sqft · SingleFamily public records · 83 Days on market

Built 1917 6,850 sqft lot

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Why this score? — see what drove the D- 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 +11.1/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained and fully renovated 3-bedroom home featuring a spacious open floor plan on the main level, offering a comfortable flow between the living and kitchen areas. The updated kitchen adds a modern touch and provides a great space for everyday living. Two bedrooms, including the primary bedroom, are located on the upper level. Main-floor laundry adds convenience. The property also includes a detached garage and an additional outbuilding with utilities, offering extra space for storage, hobbies, or a workshop. With extensive renovations throughout, the home offers the feel of a nearly brand-new space.

Key facts

• Open floor plan
• Main floor laundry
• Updated kitchen

Tags

• OPEN FLOOR PLAN
• UPDATED KITCHEN
• MAIN FLOOR LAUNDRY
• DETACHED GARAGE
• OUTBUILDING WITH UTILITIES

Property features AI

Exterior

• Parking: Detached garage with garage door opener; One garage space; Guest street parking
• Security: Carbon monoxide detector(s)
• Utilities: Community sewer; Private water; Cable available; Natural gas available
• Home design: Single-family residence; Two levels
• Construction: Brick construction; Crawl space foundation
• Exterior features: Covered porch/patio; Outbuilding; Corner lot with mature trees

Interior

• Kitchen: Dishwasher; Gas oven; Refrigerator; Microhood; Disposal; ENERGY STAR qualified appliances
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Bathrooms: Two full bathrooms; Primary bathroom with a full shower stall
• Interior features: Smart thermostat; Smoke alarm; Tankless water heater
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (27.6% below list).
• Recommended offer: $206k (27.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 D — affects rentability + tenant quality, not the cash-flow math above.
• Franklin Township Community School Corporation (urban): math 42% / reading 47% proficiency, ranked #87 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Acton Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 534 students, 46% FRL); Franklin Central Junior High (math 31% / reading 40%, grade F, #162 of 330 statewide, top 49%, 1,711 students, 51% FRL); Franklin Central High School (math 41% / reading 69%, grade C, #77 of 369 statewide, top 21%, 3,319 students, 46% FRL) — zoned schools average 48% FRL vs 29% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 162 active listings in the ZIP; high-income renter base; 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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,473 (27.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.72% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.73%
• DSCR: 0.92
• GRM: 11.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.2%
• Equity multiple: 0.33×
• Total profit: $-53,601
• Equity at exit: $42,494

10-year hold

• IRR: -11.9%
• Equity multiple: 0.29×
• Total profit: $-56,523
• Equity at exit: $24,642

Cash invested: $79,800 (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 46259

• Home prices YoY: -26.8%
• Active inventory: 162
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,065 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $-115

Break-even live

Break-even rent $2,210

Max offer price $264,717

Occupancy floor —

Sensitivity live

Price	-10% $47	-5% $-34	+0% $-115	+5% $-195	+10% $-276
Rent	-10% $-278	-5% $-196	+0% $-115	+5% $-33	+10% $48
Rate	-1.0pp $29	-0.5pp $-42	base $-115	+0.5pp $-189	+1.0pp $-264

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-03
   days on market $285,000 Active 83 DOM
2. 2026-06-02
   days on market $285,000 Active 82 DOM
3. 2026-06-01
   days on market $285,000 Active 81 DOM
4. 2026-05-31
   days on market $285,000 Active 80 DOM
5. 2026-03-12
   listed $285,000 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: $1,592 · $133/mo
• Projected year-2 tax: $2,007 · $167/mo
• Expected delta: +$415/yr (+$35/mo · 26.1%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,777
• − Mortgage interest: −$15,964
• − Property taxes: −$1,592
• − Insurance: −$1,425
• − Repairs & maintenance: −$1,982
• − Management: −$1,982
• − Depreciation: −$8,291
• Taxable loss: −$6,459
• Est. tax savings @ 24.0%: +$1,550
• After-tax cash flow: $172/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: Franklin Township Community School Corporation
• NCES district ID: 1803750
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $67,825
• Composite: 39.91/100
• National rank: #3852
• State rank: #87 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): 15,169
• Household income: $129,345
• Rent vs Own: 4.5% rent · 95.5% own
• Severe rent burden: 78.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 9% Asian 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Lithuanian 4% Italian 3%
• Foreign-born: 7% · Canada, Dominican Republic
• Languages at home: 89% English-only · Other Indo-European 8% Spanish 2% Tagalog/Filipino 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: ▼ -86.96%
• Current HPI: 237.9165
• Rent YoY: —
• 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

• 2026-03-12 Listed $285,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2025): $1,592 · +206.6% YoY. Source: county tax records.