1625 W Vermont St · Indianapolis city (balance), IN 46222

$175,000

4 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 5 Days on market

Built 1910 4,617 sqft lot Est $196k · 11% under

---

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 +25.7/30.0
• ARV discount +12.3/15.0
• DSCR +8.6/10.0
• 1% rule +6.0/10.0
• 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

This is IT. Make No Mistake, where you are...It's Stringtown, and this flip/finish project is the Best New Investment in an area that is developing street by street. This is a 3 Bedroom 2 Full Bath home with Lots of the hard repair work already done. A Perfect DIY finish for Profit $ project. New IKEA Kitchen has been professional installed. Vaulted ceilings Open Concept Floor plan. Upstairs Owners Suite & bath needs to be finished. Big fenced backyard with easy alley access ready to create spaces for valuable off street parking and still have a huge outdoor fenced living space. Basement work for walls and repairs have been done. Bring your tools and Imagination to finish this project and make some $ on this one. Covid Protocols in place.

Key facts

• Move-in ready
• Renovated
• Vaulted ceilings

Tags

• RENOVATED
• MOVE-IN READY
• OPEN-CONCEPT LAYOUT
• VAULTED CEILINGS
• LARGE FENCED BACKYARD
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; Two levels
• Construction: Block and vinyl siding exterior; Block and brick/mortar foundation
• Exterior features: Covered porch/patio; Corner lot

Interior

• Kitchen: Microwave; Breakfast bar
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms; Primary bathroom with full shower stall
• Heating & cooling: Forced air heating (electric and natural gas); Central air conditioning; Attic fan
• Interior features: Cathedral ceilings; High ceilings; Hardwood floors; Breakfast bar
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 9.2% 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); 170 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $1,932/mo this rent would consume 46% of the median local household income ($51k/yr) (locally 1750% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $99k; list at $175k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1910 — 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 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: 1.10% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.29%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $196,020
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Neal Ave	0.54mi	3/2.0 (-1)	1,618 (-0%)	6mo	$85,000	$53	64
745 N Pershing Ave	0.57mi	3/2.0 (-1)	1,640 (+1%)	6mo	$198,000	$121	61
710 N Sheffield Ave	0.49mi	4/2.0	1,589 (-2%)	16mo	$183,000	$115	61
102 N Elder Ave	0.36mi	3/2.5 (-1)	1,592 (-2%)	18mo	$220,000	$138	58
540 N Belmont Ave	0.38mi	3/2.5 (-1)	1,547 (-4%)	14mo	$216,000	$140	56
278 N Mount St	0.59mi	5/2.0 (+1)	1,621 (+0%)	15mo	$145,000	$89	55
757 N Elder Ave	0.41mi	4/2.5	1,720 (+6%)	17mo	$288,000	$167	54
246 N Belleview Pl	0.68mi	4/2.5	1,568 (-3%)	8mo	$195,000	$124	54
562 N Tremont St	0.60mi	3/2.0 (-1)	1,427 (-12%)	0mo	$235,000	$165	47
254 N Mount St	0.60mi	3/1.5 (-1)	1,722 (+6%)	12mo	$130,000	$75	45
309 N Belleview Pl	0.63mi	3/1.5 (-1)	1,560 (-4%)	19mo	$175,000	$112	42
714 N Tremont St	0.62mi	3/2.0 (-1)	1,430 (-12%)	10mo	$162,500	$114	39

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-2,668
• Equity at exit: $26,093

10-year hold

• IRR: 7.7%
• Equity multiple: 1.57×
• Total profit: $27,768
• Equity at exit: $15,131

Cash invested: $49,000 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,932 high
• Mortgage (P&I): −$918
• Tax from tax record: −$116 /mo · $1,388/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $420

Break-even live

Break-even rent $1,400

Max offer price $175,000

Occupancy floor 73%

Sensitivity live

Price	-10% $519	-5% $470	+0% $420	+5% $371	+10% $321
Rent	-10% $268	-5% $344	+0% $420	+5% $497	+10% $573
Rate	-1.0pp $508	-0.5pp $465	base $420	+0.5pp $375	+1.0pp $329

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 N Richland St Indianapolis, IN	4.0	2.0	1062	$1,625	$1.53	14d	1	0.22mi
2018 W Michigan St Indianapolis, IN	5.0	3.5	1980	$2,500	$1.26	3d	1	0.32mi
742 N Sheffield Ave Unit 1228636P Indianapolis, IN	4.0	2.0	1851	$3,472	$1.88	2d	1	0.53mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	0.56mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	0.72mi
234 N Addison St Indianapolis, IN	3.0	2.0	1892	$1,900	$1.00	44d	1	0.76mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	2d	1	0.85mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,400	$1.33	20d	5	0.90mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	44d	1	0.96mi
1118 King Ave Indianapolis, IN	3.0	1.0	1560	$1,299	$0.83	16d	1	0.98mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$2,404	$2.49	2d	36	1.02mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$3,916	$4.48	4d	1	1.07mi
545 N Goodlet Ave Indianapolis, IN	3.0	1.0	1664	$1,250	$0.75	24d	1	1.13mi
1449 Montcalm St Indianapolis, IN	3.0	1.0	1300	$1,900	$1.46	44d	1	1.17mi
936 Camp St Indianapolis, IN	3.0	2.0	1334	$2,800	$2.10	4d	1	1.19mi
1226 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–3.0	1.0–3.5	1067	$2,285	$2.14	2d	10	1.39mi
1124 S Reisner St Indianapolis, IN	3.0	2.0	1548	$1,700	$1.10	44d	1	1.43mi
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	1.43mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	3d	1	1.46mi
335 W 9th St Indianapolis, IN	3.0	1.0–3.0	893	$2,750	$3.08	3d	11	1.47mi

Listing history 3 events

1. 2026-06-08
   statusdays on market $175,000 Pending 5 DOM
2. 2026-06-07
   remarks 697-char remark
3. 2026-06-07
   listed $175,000 Active 4 DOM

ⓘ 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: $1,388 · $116/mo
• Projected year-2 tax: $1,438 · $120/mo
• Expected delta: +$50/yr (+$4/mo · 3.6%)

ⓘ 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 ≥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: $23,189
• − Mortgage interest: −$9,803
• − Property taxes: −$1,388
• − Insurance: −$875
• − Repairs & maintenance: −$1,855
• − Management: −$1,855
• − Depreciation: −$5,091
• Taxable income: $2,322
• Est. tax owed @ 24.0%: −$557
• After-tax cash flow: $4,486/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• 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

+76.8% since first listed

5 events — show timeline

• 2026-06-03 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2020-06-23 Sold (Public Records) $99,000 Public Records
• 2020-06-19 Sold (MLS) $99,000 MIBOR as Distributed by MLS Grid
• 2020-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-17 Listed $99,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2025): $1,388 · +19.2% YoY. Source: county tax records.