3901 Wallace Ave · Indianapolis city (balance), IN 46226

$65,000

2 bd · 1.0 ba · 1,047 sqft · SingleFamily public records · 6 Days on market

Built 1927 0.36 ac lot $62/sqft · 54% below area

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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 +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good square footage offers up to three bedrooms, sunroom and large dining room. Needs some TLC to make this cute bungalow shine. Located on a large lot with lots of potential.

Key facts

• 0.36 acre lot
• Built 1927
• Listed 6 days

Property features AI

Exterior

• Parking: Detached parking; No garage spaces
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Wood siding; Crawl space foundation with block; Built with traditional wood construction
• Exterior features: Approximately 0.36-acre lot (about 1/4 to 1/2 acre)

Interior

• Bedrooms: Two bedrooms on the main level (dimensions: 12 x 10 and 10 x 10); Primary bedroom: see remarks
• Bathrooms: One full bathroom with a full tub
• Heating & cooling: No heating; No cooling
• Interior features: Appliances not included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 14.4% 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.
• Market conditions: Rents rising fast (+6.8%/yr); 151 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $449 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 + 6.8% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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 $55k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.92% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.04%
• DSCR: 2.29
• GRM: 4.3

CMA / ARV

• ARV (median comp): $141,807
• List price: $65,000
• Delta: -54.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3901 Wallace Ave	0.00mi	2/1.0	1,047 (0%)	0mo	$55,000	$53	100
3938 N Grand Ave	0.35mi	3/1.0 (+1)	993 (-5%)	9mo	$135,000	$136	63
4850 E 34th St	0.61mi	2/1.0	1,125 (+7%)	5mo	$95,000	$84	55
4934 E 41st St	0.29mi	3/1.5 (+1)	1,178 (+12%)	9mo	$47,000	$40	52
3505 N Emerson Ave	0.56mi	3/1.0 (+1)	972 (-7%)	10mo	$115,000	$118	49
3934 N Whittier Pl	0.71mi	3/1.5 (+1)	1,053 (+1%)	15mo	$157,000	$149	46
3464 N Bancroft St	0.54mi	2/1.0	904 (-14%)	11mo	$144,500	$160	43
3536 N Hawthorne Ln	0.67mi	3/2.0 (+1)	925 (-12%)	6mo	$149,900	$162	35
3507 N Butler Ave	0.67mi	3/1.0 (+1)	925 (-12%)	15mo	$149,900	$162	32
3716 N Butler Ave	0.49mi	3/2.0 (+1)	912 (-13%)	18mo	$133,000	$146	32
3619 N Hawthorne Ln	0.65mi	3/1.5 (+1)	1,188 (+14%)	11mo	$115,000	$97	31
3623 N Hawthorne Ln	0.64mi	3/1.5 (+1)	1,188 (+14%)	16mo	$115,000	$97	27

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 2.24×
• Total profit: $22,502
• Equity at exit: $9,692

10-year hold

• IRR: 38.0%
• Equity multiple: 5.27×
• Total profit: $77,769
• Equity at exit: $5,620

Cash invested: $18,200 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,248 high
• Mortgage (P&I): −$341
• Tax from tax record: −$178 /mo · $2,132/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $441

Break-even live

Break-even rent $691

Max offer price $65,000

Occupancy floor 60%

Sensitivity live

Price	-10% $477	-5% $459	+0% $441	+5% $422	+10% $404
Rent	-10% $342	-5% $391	+0% $441	+5% $490	+10% $539
Rate	-1.0pp $473	-0.5pp $457	base $441	+0.5pp $424	+1.0pp $407

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	8d	1	0.20mi
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	5d	1	0.40mi
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	44d	1	0.49mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	5d	1	0.69mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	0.71mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	4d	1	0.73mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	0.73mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	0.74mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	8d	1	0.78mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	0.82mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	5d	1	0.87mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	0.91mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	18d	1	0.93mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	0.95mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	24d	1	0.98mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	1.00mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	24d	1	1.04mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	44d	9	1.07mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	44d	1	1.07mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	2d	1	1.08mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	16d	1	1.10mi
4320 E 30th St Indianapolis, IN	3.0	1.5	1152	$1,195	$1.04	24d	1	1.14mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	14d	1	1.16mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	1.20mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	8d	1	1.25mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	5d	1	1.25mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	44d	1	1.30mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	20d	1	1.33mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	24d	1	1.36mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	44d	1	1.39mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	1.43mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	44d	1	1.44mi

Listing history 6 events

1. 2026-05-06
   status Pending 768-char remark
2. 2026-04-24
   listed $65,000 Active 768-char remark
3. 2016-02-16
   soldstatus $15,000 Sold 176-char remark

   Show marketing remark (176 chars)

   Good square footage offers up to three bedrooms, sunroom and large dining room. Needs some TLC to make this cute bungalow shine. Located on a large lot with lots of potential.

4. 2016-01-14
   status Pending 176-char remark

   Show marketing remark (176 chars)

   Good square footage offers up to three bedrooms, sunroom and large dining room. Needs some TLC to make this cute bungalow shine. Located on a large lot with lots of potential.

5. 2015-12-14
   price $19,900 176-char remark

   Show marketing remark (176 chars)

   Good square footage offers up to three bedrooms, sunroom and large dining room. Needs some TLC to make this cute bungalow shine. Located on a large lot with lots of potential.

6. 2015-06-13
   listed $29,900 Active 176-char remark

   Show marketing remark (176 chars)

   Good square footage offers up to three bedrooms, sunroom and large dining room. Needs some TLC to make this cute bungalow shine. Located on a large lot with lots of potential.

ⓘ 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: $2,132 · $178/mo
• Projected year-2 tax: $2,132 · $178/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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $14,979
• − Mortgage interest: −$3,641
• − Property taxes: −$2,132
• − Insurance: −$325
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$1,891
• Taxable income: $4,594
• Est. tax owed @ 24.0%: −$1,102
• After-tax cash flow: $4,184/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+83.9% since first listed

7 events — show timeline

• 2026-06-12 Sold (MLS) $55,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2016-02-16 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2016-01-14 Pending — MIBOR as Distributed by MLS Grid
• 2015-12-14 Price Changed $19,900 MIBOR as Distributed by MLS Grid
• 2015-06-13 Listed $29,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $2,132 · +13.5% YoY. Source: county tax records.