1521 E Legrande Ave · Indianapolis city (balance), IN 46203

$110,000

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 222 Days on market

Built 1926 7,144 sqft lot Est $148k · 26% under

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Why this score? — see what drove the C 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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.7/10.0
• 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

Don't miss this 2-bedroom, 1-bathroom single-family home located near the vibrant neighborhoods of Garfield Park, Bates-Hendricks, and Fountain Square. With a wave of investment and revitalization happening in the area, this property is primed for growth and opportunity. Perfect for a first-time homebuyer that wants to use a renovation loan to buy and renovate, or an investor looking to add to their portfolio. Currently occupied by a tenant on a month-to-month lease, the property generates $1,200/month in rental income, and estimated market rent is $1,320. The home has been updated with a newer roof, fresh paint, modern light fixtures, contemporary appliances, and a renovated kitchen and ba

Key facts

• Renovated bathroom
• Fresh paint
• Renovated kitchen

Tags

• UPDATED ROOF
• FRESH PAINT
• MODERN LIGHT FIXTURES
• CONTEMPORARY APPLIANCES
• RENOVATED KITCHEN
• RENOVATED BATHROOM

🏷️ Possibly a rental listed for sale. The $110,000 price doesn't fit this home's estimated sale value (~$148,224) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 C — 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: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising (+2.9%/yr); 501 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $761 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.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $16k; list at $110k implies a 592% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.07% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.17%
• DSCR: 1.32
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $148,224
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1637 Hoefgen St	0.48mi	2/1.0	780 (+2%)	4mo	$90,000	$115	72
1418 Finley Ave	0.38mi	2/1.0	844 (+10%)	2mo	$55,000	$65	64
1730 S State Ave	0.41mi	2/1.0	704 (-8%)	4mo	$139,999	$199	64
2062 Calhoun St	0.54mi	2/1.0	720 (-6%)	3mo	$149,900	$208	62
1431 Finley Ave	0.40mi	2/1.0	858 (+12%)	3mo	$75,000	$87	59
2237 Villa Ave	0.49mi	3/1.0 (+1)	846 (+10%)	1mo	$175,000	$207	55
1509 Comer Ave	0.52mi	2/2.0	856 (+12%)	0mo	$175,000	$204	52
1610 Ringgold Ave	0.69mi	2/1.0	850 (+11%)	1mo	$164,000	$193	49
2524 Harlan St	0.67mi	2/1.0	676 (-12%)	0mo	$130,900	$194	48
2329 Saint Paul St	0.64mi	2/1.0	672 (-12%)	3mo	$86,000	$128	47
2029 Reformers Ave	0.49mi	3/1.0 (+1)	875 (+14%)	6mo	$95,000	$109	44
2343 Saint Peter St	0.70mi	3/1.0 (+1)	864 (+12%)	3mo	$113,000	$131	39

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-6,235
• Equity at exit: $16,401

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $9,125
• Equity at exit: $9,511

Cash invested: $30,800 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 501
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,181 high
• Mortgage (P&I): −$577
• Tax from tax record: −$126 /mo · $1,514/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $184

Break-even live

Break-even rent $948

Max offer price $110,000

Occupancy floor 79%

Sensitivity live

Price	-10% $246	-5% $215	+0% $184	+5% $153	+10% $122
Rent	-10% $91	-5% $137	+0% $184	+5% $231	+10% $277
Rate	-1.0pp $239	-0.5pp $212	base $184	+0.5pp $156	+1.0pp $127

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	26d	1	0.18mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	13d	1	0.21mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	20d	1	0.21mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	10d	1	0.25mi
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	1d	1	0.35mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	17d	1	0.43mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	26d	1	0.43mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	16d	1	0.44mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	20d	1	0.48mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	46d	1	0.50mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	10d	1	0.50mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	46d	1	0.51mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	46d	1	0.52mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	26d	1	0.53mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	10d	1	0.54mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	5d	4	0.55mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	5d	1	0.59mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	26d	1	0.59mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	1d	1	0.59mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	26d	1	0.60mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	46d	1	0.64mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	46d	1	0.66mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	46d	1	0.67mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	1d	1	0.67mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	46d	1	0.67mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	46d	1	0.70mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	26d	1	0.72mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	46d	1	0.74mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	22d	1	0.75mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	46d	1	0.75mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	46d	1	0.77mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	26d	1	0.80mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	13d	1	0.81mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	26d	1	0.81mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	18d	1	0.81mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	46d	1	0.82mi
2714 Dawson St Indianapolis, IN	3.0	1.0	912	$1,500	$1.64	1d	1	0.84mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	26d	1	0.89mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	24d	1	0.90mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,949	$0.69	0d	14	0.91mi

Listing history 9 events

1. 2026-02-24
   status Pending
2. 2025-08-15
   status Active
3. 2025-07-16
   listed $110,000 Active
4. 2012-08-28
   historical
5. 2012-02-27
   listed $49,900
6. 2010-09-13
   historical
7. 2010-04-15
   listed $39,900
8. 2006-09-14
   soldstatus $15,900
9. 2006-07-16
   listed $18,900

ⓘ 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: $1,514 · $126/mo
• Projected year-2 tax: $1,514 · $126/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 4/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,170
• − Mortgage interest: −$6,162
• − Property taxes: −$1,514
• − Insurance: −$550
• − Repairs & maintenance: −$1,134
• − Management: −$1,134
• − Depreciation: −$3,200
• Taxable income: $477
• Est. tax owed @ 24.0%: −$115
• After-tax cash flow: $2,094/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

+482.0% since first listed

9 events — show timeline

• 2026-02-24 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-16 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2012-08-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-02-27 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2010-09-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-04-15 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2006-09-14 Sold (MLS) $15,900 MIBOR as Distributed by MLS Grid
• 2006-07-16 Listed $18,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,514 · +6.7% YoY. Source: county tax records.