2615 Baltimore Ave · Indianapolis city (balance), IN 46218

$125,000

2 bd · 1.5 ba · 1,600 sqft · SingleFamily public records · 8 Days on market

Built 1935 5,271 sqft lot Est $85k · 47% over ↓ 25% since listing

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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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +7.0/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Key facts

• 5,271 sq ft lot
• Built 1935
• Listed 8 days

Property features AI

Exterior

• Security: Security system
• Utilities: Public water; Municipal sewer; Cable available
• Home design: Single-family residence; Two levels
• Construction: Brick exterior; Block foundation
• Exterior features: Covered porch/patio; Lot under 1/4 acre (approximately 0.12 acre); No fence

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms total — one on the main level, two on the upper level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom (upper) with suite-style primary bath; One half bathroom on the main level
• Heating & cooling: Natural gas heating; No central air
• Interior features: Attic access; Hardwood floors; Unfinished basement; Family room fireplace (1)
• Laundry & utility: In-unit laundry with full connections; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 9.0% 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 D — 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; 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• At $1,503/mo this rent would consume 47% of the median local household income ($38k/yr) (locally 2340% 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 $864 of loan paydown is wiped out by about $4k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1935 — 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. 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?
4. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $84,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2717 Sangster Ave	0.14mi	3/1.5 (+1)	1,628 (+2%)	1mo	$126,400	$78	84
2752 N Keystone Ave	0.26mi	3/1.5 (+1)	1,545 (-3%)	8mo	$90,000	$58	70
2460 Sheldon St	0.41mi	2/1.0	1,530 (-4%)	3mo	$120,000	$78	69
2920 Schofield Ave	0.39mi	3/1.0 (+1)	1,516 (-5%)	0mo	$80,000	$53	66
3066 N Temple Ave	0.64mi	2/1.0	1,610 (+1%)	6mo	$60,000	$37	62
2860 Eastern Ave	0.50mi	3/1.0 (+1)	1,632 (+2%)	9mo	$112,000	$69	59
2809 Columbia Ave	0.59mi	3/2.0 (+1)	1,596 (-0%)	10mo	$75,000	$47	57
2330 N Parker Ave	0.68mi	1/1.0 (-1)	1,564 (-2%)	7mo	$45,000	$29	52
2914 Baltimore Ave	0.32mi	3/1.5 (+1)	1,368 (-14%)	11mo	$162,500	$119	47
3101 N Temple Ave	0.66mi	2/1.0	1,440 (-10%)	9mo	$75,000	$52	43
3028 Hovey St	0.60mi	2/1.0	1,810 (+13%)	7mo	$85,000	$47	42
2805 Columbia Ave	0.59mi	3/1.5 (+1)	1,775 (+11%)	10mo	$85,000	$48	41

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,193
• Equity at exit: $18,638

10-year hold

• IRR: 2.8%
• Equity multiple: 1.18×
• Total profit: $6,446
• Equity at exit: $10,808

Cash invested: $35,000 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$656
• Tax from tax record: −$193 /mo · $2,314/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $287

Break-even live

Break-even rent $1,140

Max offer price $125,000

Occupancy floor 76%

Sensitivity live

Price	-10% $357	-5% $322	+0% $287	+5% $251	+10% $216
Rent	-10% $168	-5% $227	+0% $287	+5% $346	+10% $405
Rate	-1.0pp $350	-0.5pp $318	base $287	+0.5pp $254	+1.0pp $221

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	24d	1	0.19mi
2372 Beckwith Dr Indianapolis, IN	4.0	1.0–1.5	779	$1,064	$1.36	2d	32	0.26mi
2553 Columbia Ave Unit 2553-B Indianapolis, IN	3.0	2.0	1350	$1,525	$1.13	44d	1	0.57mi
2757 Columbia Ave Unit 2757-B Indianapolis, IN	3.0	2.0	1350	$1,525	$1.13	44d	1	0.58mi
3121 Baltimore Ave Indianapolis, IN	3.0	1.0	1232	$7,865	$6.38	8d	1	0.59mi
2203 Sheldon St Unit B Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	45d	1	0.61mi
2340 Columbia Ave Unit 2340-B Indianapolis, IN	3.0	2.0	1350	$1,650	$1.22	44d	1	0.66mi
1313 E 22nd St Indianapolis, IN	2.0	2.5	1325	$2,750	$2.08	18d	1	0.76mi
3132 Dr Andrew J Brown Ave Indianapolis, IN	2.0	1.0–2.0	791	$2,120	$2.68	2d	46	0.79mi
2830 Lasalle St Unit 28 Indianapolis, IN	2.0	1.0	1400	$1,100	$0.79	44d	1	0.81mi
2950 Winthrop Ave Indianapolis, IN	3.0	2.0	1224	$1,449	$1.18	44d	1	0.83mi
2711 Guilford Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	24d	1	0.84mi
2751 Guilford Ave Unit Aunit Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.84mi
2751 Guilford Ave Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	14d	1	0.84mi
2827 Adams St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	2d	1	0.89mi
3139 Guilford Ave Indianapolis, IN	3.0	1.0	1068	$1,345	$1.26	44d	1	0.90mi
3110 Guilford Ave Indianapolis, IN	3.0	1.5	1250	$1,295	$1.04	24d	1	0.91mi
2221 Bellefontaine St Indianapolis, IN	3.0	2.5	1712	$2,349	$1.37	24d	1	0.93mi
3208 Guilford Ave Indianapolis, IN	3.0	3.0	1800	$1,700	$0.94	13d	1	0.94mi
2341 Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	44d	1	0.94mi
2343 E Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	44d	1	0.94mi
2157 Bellefontaine St Unit 2157 Indianapolis, IN	2.0	1.0	1200	$1,200	$1.00	24d	1	0.96mi
717 E 27th St Indianapolis, IN	1.0	1.5	1322	$2,600	$1.97	44d	1	0.96mi
3449 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	2d	1	0.97mi
3451 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,650	$1.38	44d	1	0.97mi
3203 Sutherland Ave Unit 1310761P Indianapolis, IN	2.0	1.0	1097	$3,668	$3.34	2d	1	0.98mi
2707 N College Ave Indianapolis, IN	3.0	2.0	1500	$2,200	$1.47	18d	1	0.98mi
2519 N College Ave Unit 1 Indianapolis, IN	3.0	2.5	1416	$1,850	$1.31	44d	1	0.98mi
2709 N College Ave Indianapolis, IN	3.0	2.0	1500	$2,200	$1.47	24d	1	0.99mi
2815 Brookside Ave Indianapolis, IN	3.0	2.0	1120	$1,350	$1.21	11d	1	1.01mi
2822 E 19th St Indianapolis, IN	3.0	2.0	1130	$1,300	$1.15	44d	1	1.02mi
1722 Ingram St Indianapolis, IN	3.0	2.0	1250	$1,550	$1.24	4d	1	1.04mi
1722 Ingram St Unit A Indianapolis, IN	3.0	2.0	1250	$1,550	$1.24	8d	1	1.04mi
2168 Carrollton Ave Indianapolis, IN	3.0	1.5	1300	$1,799	$1.38	3d	1	1.05mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	44d	1	1.05mi
1719 Ingram St Unit 1719 Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	44d	1	1.06mi
1717 Ingram St Unit 1717 Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	44d	1	1.07mi
2145 Coretta Way Indianapolis, IN	3.0	3.0	1430	$2,600	$1.82	44d	1	1.09mi
1938 N Dearborn St Indianapolis, IN	3.0	1.0	1162	$1,400	$1.20	24d	1	1.09mi
1927 N Dearborn St Indianapolis, IN	3.0	1.0	2182	$1,495	$0.69	44d	1	1.11mi

Listing history 6 events

1. 2026-06-18
   days on market $125,000 Active 8 DOM
2. 2026-06-17
   days on market $125,000 Active 7 DOM
3. 2026-06-16
   days on market $125,000 Active 6 DOM
4. 2026-06-15
   days on market $125,000 Active 5 DOM
5. 2026-06-13
   days on market $125,000 Active 3 DOM
6. 2026-06-13
   listed $125,000 Active 2 DOM

ⓘ 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: $2,314 · $193/mo
• Projected year-2 tax: $2,314 · $193/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 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $18,032
• − Mortgage interest: −$7,002
• − Property taxes: −$2,314
• − Insurance: −$625
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$3,636
• Taxable income: $1,569
• Est. tax owed @ 24.0%: −$377
• After-tax cash flow: $3,063/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

-25.1% since first listed

6 events — show timeline

• 2026-06-08 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2025-06-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-22 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2025-01-31 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2025-01-17 Listed $167,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2025): $2,314 · +21.8% YoY. Source: county tax records.