1105 Worcester Ave · Indianapolis city (balance), IN 46203

$112,500

3 bd · 1.5 ba · 932 sqft · SingleFamily public records · 287 Days on market

Built 1951 5,619 sqft lot $121/sqft · 18% below area Est $137k · 18% under

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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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.2/10.0
• 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 MLS

Welcome to this three-bedroom, one-and-a-half-bath ranch in Jefferson Gardens with plenty of space inside and out. The kitchen has been fully updated with stainless steel appliances, butcher block counters, a tile backsplash, large sink, and a breakfast bar that opens to the dining area. Both the front and rear enclosed porches expand the living space and create comfortable spots for relaxing or entertaining year-round. Storage and utility are highlights here. In addition to an oversized one-car garage and carport, the property offers three separate outbuildings that can be used for a workshop, garden shed, or hobby space. The fully fenced yard provides privacy and room to enjoy the outdoors. Inside, you'll find a flexible floor plan with a dining/family combo, laundry area with half bath, and three bedrooms on the main level. Located on a manageable lot with sidewalks, municipal water, and sewer, this home offers a balance of comfort and functionality. With so many spaces to use and customize, it's an ideal opportunity for anyone looking for a home that works as hard as they do.

Key facts

• Enclosed porches
• Tile backsplash
• Breakfast bar

Tags

• FULLY UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• BUTCHER BLOCK COUNTERS
• TILE BACKSPLASH
• BREAKFAST BAR
• ENCLOSED PORCHES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $112k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: 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); 500 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $778 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $27k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 287 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 1951 — 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: 1.22% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.86%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

• ARV (median comp): $137,137
• List price: $112,500
• Delta: -17.97%
• 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
4307 Terrace Ave	0.45mi	3/1.0	936 (+0%)	3mo	$150,000	$160	74
4721 E Morris St	0.08mi	2/1.0 (-1)	840 (-10%)	9mo	$165,000	$196	66
1214 S Grant Ave	0.56mi	3/1.0	971 (+4%)	1mo	$215,000	$221	64
1159 S Bradley Ave	0.70mi	3/1.0	936 (+0%)	1mo	$86,000	$92	64
545 Dayton Ave	0.51mi	3/1.0	896 (-4%)	6mo	$101,000	$113	63
4514 Rowney St	0.36mi	3/1.0	1,043 (+12%)	3mo	$185,000	$177	59
4903 Rowney St	0.30mi	2/1.0 (-1)	1,020 (+9%)	9mo	$43,000	$42	56
710 S Bancroft St	0.47mi	3/1.0	864 (-7%)	10mo	$158,000	$183	55
515 Clyde Ave	0.54mi	2/1.0 (-1)	864 (-7%)	3mo	$132,000	$153	53
4108 E Naomi St	0.72mi	2/1.0 (-1)	896 (-4%)	8mo	$135,000	$151	46
3909 Hoyt Ave	0.72mi	2/1.0 (-1)	864 (-7%)	7mo	$120,000	$139	41
1214 S Chester Ave	0.61mi	2/1.0 (-1)	796 (-15%)	0mo	$124,000	$156	40

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,102
• Equity at exit: $16,774

10-year hold

• IRR: 12.0%
• Equity multiple: 1.94×
• Total profit: $29,704
• Equity at exit: $9,727

Cash invested: $31,500 (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: 500
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,367 high
• Mortgage (P&I): −$590
• Tax from tax record: −$106 /mo · $1,268/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $338

Break-even live

Break-even rent $940

Max offer price $112,500

Occupancy floor 70%

Sensitivity live

Price	-10% $401	-5% $369	+0% $338	+5% $306	+10% $274
Rent	-10% $230	-5% $284	+0% $338	+5% $392	+10% $446
Rate	-1.0pp $394	-0.5pp $366	base $338	+0.5pp $308	+1.0pp $279

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: $28,125
• Closing costs: $3,375
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	45d	1	0.34mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	45d	1	0.53mi
5056 Emerton Pl Unit 5056 Indianapolis, IN	2.0	1.0	868	$1,245	$1.43	25d	1	0.69mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	25d	1	0.69mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	9d	1	0.76mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	45d	1	0.76mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	0d	1	0.81mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	45d	1	0.81mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	45d	1	0.84mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.95mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.95mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.03mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	25d	1	1.14mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	46d	1	1.14mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	25d	1	1.22mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	9d	1	1.31mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,145	$1.19	0d	1	1.31mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	45d	1	1.32mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	6d	1	1.32mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	46d	1	1.33mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	16d	1	1.41mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	25d	1	1.42mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	45d	1	1.42mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	25d	1	1.43mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	9d	1	1.45mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	25d	1	1.45mi

Listing history 19 events

1. 2026-06-21
   days on market $112,500 Active 287 DOM
2. 2026-06-18
   days on market $112,500 Active 284 DOM
3. 2026-06-17
   days on market $112,500 Active 283 DOM
4. 2026-06-16
   days on market $112,500 Active 282 DOM
5. 2026-06-15
   days on market $112,500 Active 281 DOM
6. 2026-06-13
   days on market $112,500 Active 279 DOM
7. 2026-06-13
   days on market $112,500 Active 278 DOM
8. 2026-06-09
   days on market $112,500 Active 275 DOM
9. 2026-06-08
   days on market $112,500 Active 274 DOM
10. 2026-06-07
    days on market $112,500 Active 273 DOM
11. 2026-06-03
    days on market $112,500 Active 269 DOM
12. 2026-06-02
    days on market $112,500 Active 268 DOM
13. 2026-06-01
    days on market $112,500 Active 267 DOM
14. 2026-05-31
    days on market $112,500 Active 266 DOM
15. 2025-12-30
    price $120,000 1098-char remark

    Show marketing remark (1098 chars)

    Welcome to this three-bedroom, one-and-a-half-bath ranch in Jefferson Gardens with plenty of space inside and out. The kitchen has been fully updated with stainless steel appliances, butcher block counters, a tile backsplash, large sink, and a breakfast bar that opens to the dining area. Both the front and rear enclosed porches expand the living space and create comfortable spots for relaxing or entertaining year-round. Storage and utility are highlights here. In addition to an oversized one-car garage and carport, the property offers three separate outbuildings that can be used for a workshop, garden shed, or hobby space. The fully fenced yard provides privacy and room to enjoy the outdoors. Inside, you'll find a flexible floor plan with a dining/family combo, laundry area with half bath, and three bedrooms on the main level. Located on a manageable lot with sidewalks, municipal water, and sewer, this home offers a balance of comfort and functionality. With so many spaces to use and customize, it's an ideal opportunity for anyone looking for a home that works as hard as they do.

16. 2025-09-05
    listed $139,900 Active 1098-char remark

    Show marketing remark (1098 chars)

    Welcome to this three-bedroom, one-and-a-half-bath ranch in Jefferson Gardens with plenty of space inside and out. The kitchen has been fully updated with stainless steel appliances, butcher block counters, a tile backsplash, large sink, and a breakfast bar that opens to the dining area. Both the front and rear enclosed porches expand the living space and create comfortable spots for relaxing or entertaining year-round. Storage and utility are highlights here. In addition to an oversized one-car garage and carport, the property offers three separate outbuildings that can be used for a workshop, garden shed, or hobby space. The fully fenced yard provides privacy and room to enjoy the outdoors. Inside, you'll find a flexible floor plan with a dining/family combo, laundry area with half bath, and three bedrooms on the main level. Located on a manageable lot with sidewalks, municipal water, and sewer, this home offers a balance of comfort and functionality. With so many spaces to use and customize, it's an ideal opportunity for anyone looking for a home that works as hard as they do.

17. 2021-03-18
    soldstatus $104,000 Closed 421-char remark

    Show marketing remark (421 chars)

    Remodeled and updated three bedroom, 1 1/2 bath with totally new kitchen, enclosed front AND rear porches! If you have lots of "stuff" this is the home for you! You have an oversized garage and THREE other outbuildings for tons of storage, garden shed, or man cave!All new flooring and paint through out home, new kitchen cabinets and appliances! You will be amazed at the room! Property is completely fenced.

18. 2021-01-29
    status Pending 421-char remark

    Show marketing remark (421 chars)

    Remodeled and updated three bedroom, 1 1/2 bath with totally new kitchen, enclosed front AND rear porches! If you have lots of "stuff" this is the home for you! You have an oversized garage and THREE other outbuildings for tons of storage, garden shed, or man cave!All new flooring and paint through out home, new kitchen cabinets and appliances! You will be amazed at the room! Property is completely fenced.

19. 2021-01-17
    listed $100,000 Active 421-char remark

    Show marketing remark (421 chars)

    Remodeled and updated three bedroom, 1 1/2 bath with totally new kitchen, enclosed front AND rear porches! If you have lots of "stuff" this is the home for you! You have an oversized garage and THREE other outbuildings for tons of storage, garden shed, or man cave!All new flooring and paint through out home, new kitchen cabinets and appliances! You will be amazed at the room! Property is completely fenced.

ⓘ 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: $1,268 · $106/mo
• Projected year-2 tax: $1,268 · $106/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 ≥102°F today · 19 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: $16,406
• − Mortgage interest: −$6,302
• − Property taxes: −$1,268
• − Insurance: −$562
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$3,273
• Taxable income: $2,376
• Est. tax owed @ 24.0%: −$570
• After-tax cash flow: $3,480/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

+20.0% since first listed

5 events — show timeline

• 2025-12-30 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2025-09-05 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2021-03-18 Sold (MLS) $104,000 MIBOR as Distributed by MLS Grid
• 2021-01-29 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-17 Listed $100,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2025): $1,268 · +15.1% YoY. Source: county tax records.