246 N Randolph St · Indianapolis city (balance), IN 46201

$200,000

3 bd · 2.0 ba · 1,284 sqft · Land · 181 Days on market

Built 2025 3,964 sqft lot $156/sqft · 192% above area $25/mo HOA · 2% of rent

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Why this score? — see what drove the F 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 +10.0/30.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• 1% rule +3.1/10.0
• DSCR +2.8/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Introducing a stunning new construction townhouse featuring 3 bedrooms and 2 full baths, nestled in the vibrant Willard Park neighborhood on Indy's Near-Eastside. This prime location is just minutes from Mass Ave and Downtown and popular attractions such. La Parada, NeidhammerCoffee Co., King Dough Pizza, Futuro Pizza, and Whole Foods Market. One of three available townhomes coming to market. Please note that income restrictions do apply. This is one of three available townhouses.

Key facts

• $25 HOA
• Garage
• Built 2025

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $200k.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (18.6% below list).
• Recommended offer: $163k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 4.4% in Indianapolis city (balance) — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads: area grade F — 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 (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).
• This rent runs 40% of the median local income ($49k/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 $1k of loan paydown is wiped out by about $6k 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 181 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $162,756 (18.6% 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 181 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.81% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 10.2

CMA / ARV

• ARV (median comp): $68,500
• List price: $200,000
• Delta: 191.97%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.42×
• Total profit: $-32,735
• Equity at exit: $29,821

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-5,265
• Equity at exit: $17,292

Cash invested: $56,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,628 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$25
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-121

Break-even live

Break-even rent $1,781

Max offer price $182,436

Occupancy floor —

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.02mi
303 N State Ave Indianapolis, IN	3.0	1.0	1700	$1,275	$0.75	23d	1	0.09mi
43 N Randolph St Indianapolis, IN	3.0	2.0	1250	$1,399	$1.12	43d	1	0.09mi
44 E Parkview Ave Unit A Indianapolis, IN	3.0	2.0	1296	$1,695	$1.31	23d	1	0.11mi
44 E Parkview Ave Unit B Indianapolis, IN	3.0	2.0	1297	$1,695	$1.31	43d	1	0.11mi
44 Parkview Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	20d	1	0.11mi
17 N Randolph St Indianapolis, IN	3.0	2.0	1822	$2,075	$1.14	4d	1	0.14mi
22 Parkview Ave Indianapolis, IN	3.0	1.5	1728	$1,450	$0.84	7d	1	0.15mi
12 N Randolph St Indianapolis, IN	3.0	1.0	1485	$1,650	$1.11	43d	1	0.15mi
17 E Parkview Ave Unit 17 Indianapolis, IN	3.0	1.5	1530	$1,650	$1.08	43d	1	0.17mi
17 E Parkview Ave Unit 19 Indianapolis, IN	3.0	1.0	1530	$1,650	$1.08	43d	1	0.17mi
1541 E Ohio St Indianapolis, IN	3.0	1.0	1400	$1,399	$1.00	43d	1	0.17mi
22 Hendricks Pl Unit 22 Indianapolis, IN	3.0	1.5	1730	$1,600	$0.92	17d	1	0.18mi
1534 E Ohio St Indianapolis, IN	3.0	2.5	1204	$1,650	$1.37	16d	1	0.18mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	43d	1	0.19mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.20mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,500	$1.61	43d	1	0.21mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	12d	1	0.21mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	23d	1	0.21mi
117 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	4d	1	0.23mi
119 N Arsenal Ave Unit 119 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	43d	1	0.24mi
119 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	22d	1	0.24mi
117 N Arsenal Ave Unit 117 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	43d	1	0.24mi
115 N Arsenal Ave Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	43d	1	0.24mi
101 N Arsenal Ave Indianapolis, IN	3.0	2.0	1300	$1,749	$1.35	43d	1	0.25mi
1531 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	23d	1	0.26mi
1529 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	23d	1	0.26mi
416 N Hamilton Ave Unit 416-A Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	43d	1	0.28mi
1404 E Vermont St Indianapolis, IN	2.0	2.5	1353	$1,950	$1.44	43d	1	0.38mi
113 S Arsenal Ave Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	43d	1	0.39mi
47 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	43d	1	0.40mi
43 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,291	$1.43	16d	1	0.40mi
41 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	43d	1	0.40mi
2015 E Maryland St Indianapolis, IN	3.0	2.0	1250	$1,495	$1.20	43d	1	0.43mi
151 Harlan St Unit A Indianapolis, IN	3.0	2.0	1250	$1,549	$1.24	23d	1	0.46mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	10d	1	0.47mi
441 N Highland Ave Unit 445 Indianapolis, IN	2.0	2.5	1650	$2,400	$1.45	43d	1	0.50mi
441 N Highland Ave Indianapolis, IN	2.0	2.0	1650	$2,400	$1.45	43d	1	0.50mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	43d	1	0.50mi
145 McKim Ave Indianapolis, IN	3.0	2.5	1470	$2,195	$1.49	44d	1	0.51mi

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 2 events

1. 2026-04-10
   status Active 486-char remark

   Show marketing remark (486 chars)

   Introducing a stunning new construction townhouse featuring 3 bedrooms and 2 full baths, nestled in the vibrant Willard Park neighborhood on Indy's Near-Eastside. This prime location is just minutes from Mass Ave and Downtown and popular attractions such. La Parada, NeidhammerCoffee Co., King Dough Pizza, Futuro Pizza, and Whole Foods Market. One of three available townhomes coming to market. Please note that income restrictions do apply. This is one of three available townhouses.

2. 2025-11-25
   listed $200,000 Active 486-char remark

   Show marketing remark (486 chars)

   Introducing a stunning new construction townhouse featuring 3 bedrooms and 2 full baths, nestled in the vibrant Willard Park neighborhood on Indy's Near-Eastside. This prime location is just minutes from Mass Ave and Downtown and popular attractions such. La Parada, NeidhammerCoffee Co., King Dough Pizza, Futuro Pizza, and Whole Foods Market. One of three available townhomes coming to market. Please note that income restrictions do apply. This is one of three available townhouses.

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

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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,531
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,562
• − Management: −$1,562
• − HOA: −$300
• − Depreciation: −$5,818
• Taxable loss: −$4,915
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $-277/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

2 events — show timeline

• 2026-04-10 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-25 Listed $200,000 MIBOR as Distributed by MLS Grid

Property tax history

+38.1%/yr

Latest (2020): $393 · -6.5% YoY. Source: county tax records.