3612 S State Ave · Indianapolis city (balance), IN 46227

$95,000

2 bd · 1.0 ba · 592 sqft · SingleFamily public records · 101 Days on market

Built 1939 4,792 sqft lot $160/sqft · 36% below area Est $149k · 36% under

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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 +24.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.1/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Explore this 2-Bedrooms 1-Bath house with great potential. Could be perfect for investors or buyers looking for a renovation opportunity. Rooms sizes are approximate and should be verified by buyer. Don't miss out!

Key facts

• 4,792 sq ft lot
• Built 1939
• Listed 101 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+2.5%/yr); 245 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 $657 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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: 1.11% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

• ARV (median comp): $149,483
• List price: $95,000
• Delta: -36.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1525 E Sumner Ave	0.10mi	1/1.0 (-1)	640 (+8%)	7mo	$83,000	$130	71

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-3,626
• Equity at exit: $14,165

10-year hold

• IRR: 5.4%
• Equity multiple: 1.39×
• Total profit: $10,431
• Equity at exit: $8,214

Cash invested: $26,600 (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 46227

• Rents YoY: 2.5%
• Active inventory: 245
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,056 high
• Mortgage (P&I): −$498
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $194

Break-even live

Break-even rent $811

Max offer price $95,000

Occupancy floor 77%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3765 S State Ave Indianapolis, IN	2.0	1.0	700	$995	$1.42	23d	1	0.19mi
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	7d	1	0.36mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	44d	1	0.73mi
920 E Markwood Ave Indianapolis, IN	1.0–2.0	1.0	838	$949	$1.13	7d	2	0.93mi
2913 E Hanna Ave Indianapolis, IN	1.0–2.0	1.0	717	$1,200	$1.67	23d	1	1.13mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	1.15mi
3714 Bartlett Ave Indianapolis, IN	1.0	1.0	576	$969	$1.68	4d	4	1.16mi
2830 S East St Indianapolis, IN	2.0	1.0	656	$1,200	$1.83	44d	1	1.22mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	1.23mi
360 Sandra Ln Unit 319-D126 Indianapolis, IN	2.0	1.0	621	$960	$1.55	3d	1	1.23mi
360 Sandra Ln Unit 339-C70 Indianapolis, IN	1.0	1.0	503	$749	$1.49	4d	1	1.23mi
360 Sandra Ln Unit 213-B38 Indianapolis, IN	1.0	1.0	503	$758	$1.51	23d	1	1.23mi
360 Sandra Ln Unit 209-B34 Indianapolis, IN	1.0	1.0	503	$758	$1.51	20d	1	1.23mi
360 Sandra Ln Unit 110-062 Indianapolis, IN	2.0	1.0	621	$949	$1.53	7d	1	1.23mi
360 Sandra Ln Unit 215-B43 Indianapolis, IN	1.0	1.0	503	$756	$1.50	23d	1	1.23mi
360 Sandra Ln Unit 109-013 Indianapolis, IN	2.0	1.0	621	$1,029	$1.66	4d	1	1.23mi
360 Sandra Ln Unit 115-044 Indianapolis, IN	2.0	1.0	621	$999	$1.61	3d	1	1.23mi
360 Sandra Ln Unit 110-064 Indianapolis, IN	2.0	1.0	621	$961	$1.55	3d	1	1.23mi
360 Sandra Ln Unit 320-C10 Indianapolis, IN	1.0	1.0	503	$808	$1.61	23d	1	1.23mi
360 Sandra Ln Unit 219-B53 Indianapolis, IN	1.0	1.0	503	$707	$1.41	23d	1	1.23mi
360 Sandra Ln Unit 314-D59 Indianapolis, IN	2.0	1.0	621	$1,011	$1.63	3d	1	1.23mi
360 Sandra Ln Indianapolis, IN	1.0–2.0	1.0	562	$1,494	$2.66	12d	9	1.23mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	23d	1	1.23mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	1.23mi
4020 Hanna Village Dr Indianapolis, IN	1.0–3.0	1.0–2.0	886	$1,299	$1.47	3d	2	1.25mi
4100 Continental Ct Indianapolis, IN	1.0–2.0	1.0–1.5	917	$1,249	$1.36	2d	7	1.35mi
4259 Burkhart Dr Unit 4265B Indianapolis, IN	1.0	1.0	725	$899	$1.24	23d	1	1.43mi
4259 Burkhart Dr Unit 4175B Indianapolis, IN	2.0	1.0	750	$959	$1.28	7d	1	1.43mi
4259 Burkhart Dr Unit 4175C Indianapolis, IN	2.0	1.0	750	$1,060	$1.41	20d	1	1.43mi
4259 Burkhart Dr Indianapolis, IN	1.0–2.0	1.0	747	$1,575	$2.11	16d	4	1.45mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	1.46mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	2d	2	1.47mi

Listing history 20 events

1. 2026-06-18
   days on market $95,000 Active 101 DOM
2. 2026-06-17
   days on market $95,000 Active 100 DOM
3. 2026-06-16
   days on market $95,000 Active 99 DOM
4. 2026-06-15
   days on market $95,000 Active 98 DOM
5. 2026-06-13
   days on market $95,000 Active 96 DOM
6. 2026-06-13
   pricedays on market $95,000 Active 95 DOM
7. 2026-06-09
   days on market $100,000 Active 92 DOM
8. 2026-06-08
   days on market $100,000 Active 91 DOM
9. 2026-06-07
   days on market $100,000 Active 90 DOM
10. 2026-06-03
    days on market $100,000 Active 86 DOM
11. 2026-06-02
    days on market $100,000 Active 85 DOM
12. 2026-06-01
    days on market $100,000 Active 84 DOM
13. 2026-05-31
    days on market $100,000 Active 83 DOM
14. 2026-05-13
    price $100,000 214-char remark

    Show marketing remark (214 chars)

    Explore this 2-Bedrooms 1-Bath house with great potential. Could be perfect for investors or buyers looking for a renovation opportunity. Rooms sizes are approximate and should be verified by buyer. Don't miss out!

15. 2026-04-06
    price $105,000 214-char remark

    Show marketing remark (214 chars)

    Explore this 2-Bedrooms 1-Bath house with great potential. Could be perfect for investors or buyers looking for a renovation opportunity. Rooms sizes are approximate and should be verified by buyer. Don't miss out!

16. 2026-03-08
    listed $115,000 Active 214-char remark

    Show marketing remark (214 chars)

    Explore this 2-Bedrooms 1-Bath house with great potential. Could be perfect for investors or buyers looking for a renovation opportunity. Rooms sizes are approximate and should be verified by buyer. Don't miss out!

17. 2023-10-24
    soldstatus $74,900 Closed 448-char remark

    Show marketing remark (448 chars)

    Explore this delightful 1-bedroom, 1-bath house in the sought-after University Heights neighborhood. Perfect for investors, it boasts low rehab requirements, hinting at potential returns. Enjoy the vibrant local community, proximity to amenities, and the allure of this Indiana treasure. This is your chance to own a piece of University Heights' charm, complete with a spacious yard for your outdoor enjoyment and an additional lot for added value!

18. 2023-10-14
    status Pending 448-char remark

    Show marketing remark (448 chars)

    Explore this delightful 1-bedroom, 1-bath house in the sought-after University Heights neighborhood. Perfect for investors, it boasts low rehab requirements, hinting at potential returns. Enjoy the vibrant local community, proximity to amenities, and the allure of this Indiana treasure. This is your chance to own a piece of University Heights' charm, complete with a spacious yard for your outdoor enjoyment and an additional lot for added value!

19. 2023-10-10
    price $74,900 448-char remark

    Show marketing remark (448 chars)

    Explore this delightful 1-bedroom, 1-bath house in the sought-after University Heights neighborhood. Perfect for investors, it boasts low rehab requirements, hinting at potential returns. Enjoy the vibrant local community, proximity to amenities, and the allure of this Indiana treasure. This is your chance to own a piece of University Heights' charm, complete with a spacious yard for your outdoor enjoyment and an additional lot for added value!

20. 2023-09-15
    listed $89,900 Active 448-char remark

    Show marketing remark (448 chars)

    Explore this delightful 1-bedroom, 1-bath house in the sought-after University Heights neighborhood. Perfect for investors, it boasts low rehab requirements, hinting at potential returns. Enjoy the vibrant local community, proximity to amenities, and the allure of this Indiana treasure. This is your chance to own a piece of University Heights' charm, complete with a spacious yard for your outdoor enjoyment and an additional lot for added value!

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $1,231 · $103/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $12,669
• − Mortgage interest: −$5,321
• − Property taxes: −$1,231
• − Insurance: −$475
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$2,764
• Taxable income: $850
• Est. tax owed @ 24.0%: −$204
• After-tax cash flow: $2,120/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): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

+11.2% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $100,000 MIBOR as Distributed by MLS Grid
• 2026-04-06 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2026-03-08 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2023-10-24 Sold (MLS) $74,900 MIBOR as Distributed by MLS Grid
• 2023-10-14 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-10 Price Changed $74,900 MIBOR as Distributed by MLS Grid
• 2023-09-15 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+16.9%/yr

Latest (2025): $1,231 · +10.2% YoY. Source: county tax records.