2042 E Adams St · Indianapolis city (balance), IN 46218

$50,000

2 bd · None ba · 866 sqft · MultiFamily public records · 7 Days on market

Built 1920 5,663 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Adams is a two-story structure that was originally configured as a duplex and currently sits down to the studs with documented fire damage. Records indicate the 2042 side is 866 sqft, but the old 2044 side square footage is unknown. There is a large detached garage at the rear of the property. The brick porch columns and two-story frame are still standing; everything else is a blank slate or a demo decision. If the structure is salvageable - and that's a buyer determination - the play is either a duplex restoration or a reconfigured single-family with serious square footage potential. Landscaping being addressed.

Key facts

• 5,663 sq ft lot
• Garage
• Built 1920

Property features AI

Exterior

• Parking: On-street parking; Garage area of 432 sq ft (no garage spaces listed)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Two levels
• Construction: Brick and wood siding exterior; Concrete perimeter foundation
• Exterior features: Lot under 1/4 acre (approximately 0.13 acres)

Interior

• Bedrooms: 2 bedrooms on the upper level
• Heating & cooling: Other heating; Other cooling
• Interior features: Unfinished basement; Total of 6 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/?-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $462 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 17.4% 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL).
• Market conditions: Rents flat; 338 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); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% 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 $346 of loan paydown is wiped out by about $2k 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 $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1920 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.04% ✓
• Cap rate: 17.37%
• Cash-on-cash: 39.57%
• DSCR: 2.76
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.37×
• Total profit: $19,112
• Equity at exit: $7,455

10-year hold

• IRR: 39.1%
• Equity multiple: 4.28×
• Total profit: $45,912
• Equity at exit: $4,323

Cash invested: $14,000 (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: 338
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,022 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $462

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 50%

Sensitivity live

Price	-10% $496	-5% $479	+0% $462	+5% $444	+10% $427
Rent	-10% $381	-5% $421	+0% $462	+5% $502	+10% $542
Rate	-1.0pp $487	-0.5pp $474	base $462	+0.5pp $449	+1.0pp $435

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	25d	1	0.15mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	5d	1	0.29mi
2841 E 19th St Indianapolis, IN	2.0	1.0	812	$850	$1.05	6d	1	0.38mi
2815 Brookside Ave Indianapolis, IN	3.0	2.0	1120	$1,350	$1.21	12d	1	0.39mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	14d	1	0.40mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	25d	1	0.44mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	45d	1	0.50mi
1505 N Tuxedo St Unit 1507 Indianapolis, IN	2.0	1.0	1000	$1,100	$1.10	45d	1	0.50mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	25d	1	0.50mi
3617 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	800	$999	$1.25	25d	1	0.51mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	12d	1	0.52mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	25d	1	0.53mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	45d	1	0.54mi
1421 N Olney St Indianapolis, IN	2.0	1.0	1064	$975	$0.92	0d	1	0.55mi
1421 N Olney St Indianapolis, IN	2.0	1.0	1064	$975	$0.92	12d	1	0.55mi
1532 N Sherman Dr Unit 1530 Sherman Indianapolis, IN	1.0	1.0	768	$550	$0.72	3d	1	0.57mi
2449 Wheeler St Indianapolis, IN	1.0	1.0	600	$950	$1.58	25d	1	0.60mi
1354 N Olney St Unit 1356 Indianapolis, IN	1.0	1.0	765	$775	$1.01	45d	1	0.62mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	18d	1	0.63mi
3011 Oxford Ln Indianapolis, IN	1.0	1.0	640	$800	$1.25	45d	1	0.66mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	25d	1	0.67mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	25d	1	0.69mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	9d	1	0.69mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	45d	1	0.72mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	0d	1	0.72mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	23d	1	0.72mi
2821 Oxford Ln Indianapolis, IN	1.0	1.0	640	$825	$1.29	45d	1	0.72mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	25d	1	0.75mi
1506 N Grant Ave Indianapolis, IN	2.0	1.0	780	$1,150	$1.47	16d	1	0.76mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	45d	1	0.76mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	6d	1	0.77mi
1417 N Denny St Indianapolis, IN	2.0	1.0	1000	$1,125	$1.12	25d	1	0.77mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	16d	1	0.80mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	45d	1	0.80mi
2405 E 16th St Indianapolis, IN	3.0	1.0	1120	$1,450	$1.29	16d	1	0.81mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	45d	1	0.84mi
2810 Adams St Indianapolis, IN	3.0	2.0	912	$1,200	$1.32	0d	1	0.84mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	46d	1	0.84mi
2530 N Temple Ave Indianapolis, IN	1.0	1.0	720	$750	$1.04	22d	1	0.84mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	15d	1	0.85mi

Listing history 3 events

1. 2026-06-08
   statusdays on market $50,000 Pending 7 DOM
2. 2026-06-07
   statusdays on market $50,000 Active 6 DOM
3. 2026-05-20
   listed $50,000 Active

ⓘ 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 3/10 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: $12,261
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$981
• − Management: −$981
• − Depreciation: −$1,455
• Taxable income: $5,044
• Est. tax owed @ 24.0%: −$1,211
• After-tax cash flow: $4,329/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

4 events — show timeline

• 2026-06-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-20 Listed $50,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $4,348 · +23.9% YoY. Source: county tax records.