1409 Barth Ave · Indianapolis city (balance), IN 46203

$151,800

2 bd · 1.0 ba · 1,036 sqft · SingleFamily public records · 54 Days on market

Built 1885 5,924 sqft lot $147/sqft · 29% below area ↓ 5% since listing

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Why this score? — see what drove the C- 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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• 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

Hidden potential awaits at 1409 Barth Ave in Fountain Square. Built in 1885, this 1,036 sq ft home with 3-bedroom 1-bath sits on a spacious 5,924 sq ft lot providing room to grow. Perfect for investors or handyman buyers, this home is an excellent opportunity to add value and bring your vision to life. With its solid structure, appealing features, and generous lot size it presents a fantastic canvas for renovation or personalization. Conveniently located in the vibrant Fountain Square district, this property offers easy access to local dining, entertainment, and cultural attractions while maintaining a neighborhood feel. Don't miss your chance to transform this charming property into something truly special.

Key facts

• Easy access
• Spacious lot
• Solid structure

Tags

• SPACIOUS LOT
• SOLID STRUCTURE
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $152k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $152k).
• Recommended offer: $147k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 C — 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 (+2.9%/yr); 493 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/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 $5k 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 54 days — a 3% lower offer ($147k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,246 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.04% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

• ARV (median comp): $321,422
• List price: $151,800
• Delta: -52.77%
• 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
1401 Linden St	0.22mi	2/1.0	1,042 (+1%)	5mo	$130,000	$125	84
1234 E Pleasant Run Parkway North Dr	0.22mi	2/2.0	1,115 (+8%)	1mo	$215,000	$193	72
1221 Cottage Ave	0.18mi	2/2.0	968 (-7%)	6mo	$262,000	$271	72
722 Weghorst St	0.33mi	3/1.0 (+1)	988 (-5%)	4mo	$219,000	$222	69
1514 Lawton Ave	0.51mi	2/1.0	1,000 (-4%)	6mo	$179,900	$180	65
1441 S New Jersey St	0.51mi	2/1.0	1,111 (+7%)	1mo	$205,000	$185	64
1524 Pleasant St	0.63mi	2/1.0	995 (-4%)	2mo	$125,000	$126	63
1413 S New Jersey St	0.50mi	2/2.0	1,103 (+6%)	1mo	$180,000	$163	61
1752 Linden St	0.38mi	3/1.0 (+1)	940 (-9%)	7mo	$95,000	$101	56
1148 Fletcher Ave	0.68mi	2/1.0	1,100 (+6%)	6mo	$105,500	$96	53
1016 Lexington Ave	0.57mi	2/1.0	1,177 (+14%)	0mo	$245,000	$208	50
1606 Asbury St	0.61mi	3/1.0 (+1)	892 (-14%)	4mo	$145,000	$163	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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-5,988
• Equity at exit: $22,634

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $18,107
• Equity at exit: $13,125

Cash invested: $42,504 (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: 493
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,573 high
• Mortgage (P&I): −$796
• Tax from tax record: −$87 /mo · $1,049/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $296

Break-even live

Break-even rent $1,198

Max offer price $151,800

Occupancy floor 76%

Sensitivity live

Price	-10% $382	-5% $339	+0% $296	+5% $253	+10% $210
Rent	-10% $172	-5% $234	+0% $296	+5% $358	+10% $420
Rate	-1.0pp $372	-0.5pp $334	base $296	+0.5pp $256	+1.0pp $216

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: $37,950
• Closing costs: $4,554
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	0.08mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	0.08mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.09mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	44d	1	0.10mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.10mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	0.13mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	0.15mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.22mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	24d	1	0.22mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.23mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	3d	1	0.27mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.27mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	0.30mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	0.30mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.30mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	0.30mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.30mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	18d	1	0.31mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.37mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	2d	8	0.38mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	0.38mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	4d	1	0.38mi
704 Sanders St Indianapolis, IN	2.0	1.0	1290	$1,275	$0.99	24d	1	0.38mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	0.39mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	44d	1	0.41mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.43mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.43mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.44mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.45mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.45mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.47mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	44d	1	0.47mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	24d	1	0.47mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	15d	1	0.50mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.50mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	24d	1	0.51mi
436 Sanders St Indianapolis, IN	1.0	1.0	800	$800	$1.00	8d	1	0.51mi
1527 Prospect St Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	24d	1	0.52mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	15d	1	0.53mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.53mi

Listing history 10 events

1. 2026-06-10
   status $151,800 Pending 54 DOM
2. 2026-06-09
   days on market $151,800 Active 54 DOM
3. 2026-06-08
   days on market $151,800 Active 53 DOM
4. 2026-06-07
   days on market $151,800 Active 52 DOM
5. 2026-06-03
   days on market $151,800 Active 48 DOM
6. 2026-06-02
   days on market $151,800 Active 47 DOM
7. 2026-06-01
   days on market $151,800 Active 46 DOM
8. 2026-05-31
   days on market $151,800 Active 45 DOM
9. 2026-05-05
   price $151,800 720-char remark

   Show marketing remark (720 chars)

   Hidden potential awaits at 1409 Barth Ave in Fountain Square. Built in 1885, this 1,036 sq ft home with 3-bedroom 1-bath sits on a spacious 5,924 sq ft lot providing room to grow. Perfect for investors or handyman buyers, this home is an excellent opportunity to add value and bring your vision to life. With its solid structure, appealing features, and generous lot size it presents a fantastic canvas for renovation or personalization. Conveniently located in the vibrant Fountain Square district, this property offers easy access to local dining, entertainment, and cultural attractions while maintaining a neighborhood feel. Don't miss your chance to transform this charming property into something truly special.

10. 2026-04-16
    listed $159,900 Active 720-char remark

    Show marketing remark (720 chars)

    Hidden potential awaits at 1409 Barth Ave in Fountain Square. Built in 1885, this 1,036 sq ft home with 3-bedroom 1-bath sits on a spacious 5,924 sq ft lot providing room to grow. Perfect for investors or handyman buyers, this home is an excellent opportunity to add value and bring your vision to life. With its solid structure, appealing features, and generous lot size it presents a fantastic canvas for renovation or personalization. Conveniently located in the vibrant Fountain Square district, this property offers easy access to local dining, entertainment, and cultural attractions while maintaining a neighborhood feel. Don't miss your chance to transform this charming property into something truly special.

ⓘ 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: $1,049 · $87/mo
• Projected year-2 tax: $1,170 · $97/mo
• Expected delta: +$120/yr (+$10/mo · 11.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,874
• − Mortgage interest: −$8,503
• − Property taxes: −$1,049
• − Insurance: −$759
• − Repairs & maintenance: −$1,510
• − Management: −$1,510
• − Depreciation: −$4,416
• Taxable income: $1,127
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $3,279/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

-5.1% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $151,800 MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $159,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.7%/yr

Latest (2025): $1,049 · -3.6% YoY. Source: county tax records.