626-628 N Euclid Ave · Indianapolis city (balance), IN 46201

$190,000

4 bd · 4.0 ba · 2,290 sqft · MultiFamily · 158 Days on market

Built 1920 Good condition 5,445 sqft lot $83/sqft · 28% above area Est $148k · 28% over ↓ 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 +27.0/30.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Rent growth +4.3/5.0
• Condition / age +4.0/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This duplex features two spacious 2-bedroom, 1-bath units, each offering 1,145 square feet of living space. Fully rehabbed in 2019, both sides include updated finishes and tenant-friendly layouts. The property currently brings in $1,800 per month in total rent. Located near downtown Indianapolis with convenient access to amenities, this is a strong cash-flowing asset with low upkeep.

Key facts

• 5,445 sq ft lot
• Built 1920
• Listed 157 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive. Per door: $266/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 fast (+7.3%/yr); 483 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,336/mo this rent would consume 57% of the median local household income ($49k/yr) (locally 1906% 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 $6k 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 + 7.3% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.01%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $148,254
• List price: $190,000
• Delta: 28.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 Wallace Ave	0.30mi	4/3.0	2,400 (+5%)	2mo	$246,000	$103	73
813 N Denny St	0.32mi	4/3.0	2,268 (-1%)	10mo	$172,340	$76	71
323-325 N Gladstone Ave	0.26mi	4/4.0	2,580 (+13%)	5mo	$185,000	$72	62
22 Wallace Ave	0.47mi	4/2.0	2,239 (-2%)	10mo	$160,000	$71	58
414 N Linwood Ave	0.18mi	4/2.0	2,040 (-11%)	9mo	$148,500	$73	58
937 N Bancroft St	0.62mi	3/2.0 (-1)	2,352 (+3%)	1mo	$217,000	$92	53
802 N Bancroft St	0.52mi	3/4.0 (-1)	2,520 (+10%)	4mo	$290,000	$115	50
1206 N Gladstone Ave	0.54mi	3/3.0 (-1)	2,394 (+4%)	10mo	$125,000	$52	50
924 N Chester Ave	0.37mi	3/3.0 (-1)	2,469 (+8%)	14mo	$130,000	$53	49
3733 E Vermont St	0.52mi	3/3.0 (-1)	2,169 (-5%)	12mo	$92,500	$43	48
4220 E 11th St	0.46mi	3/6.0 (-1)	2,268 (-1%)	20mo	$165,000	$73	47
825 N Bradley Ave	0.39mi	3/2.0 (-1)	2,080 (-9%)	15mo	$210,000	$101	41

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.26×
• Total profit: $13,725
• Equity at exit: $28,330

10-year hold

• IRR: 19.2%
• Equity multiple: 2.94×
• Total profit: $103,169
• Equity at exit: $16,428

Cash invested: $53,200 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,336 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $532

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 72%

Sensitivity live

Price	-10% $664	-5% $598	+0% $532	+5% $467	+10% $401
Rent	-10% $348	-5% $440	+0% $532	+5% $625	+10% $717
Rate	-1.0pp $628	-0.5pp $581	base $532	+0.5pp $483	+1.0pp $433

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,336
Total (2 units)			$2,336

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	45d	1	0.15mi
325 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	45d	1	0.24mi
323 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	45d	1	0.24mi
117 N Riley Ave Indianapolis, IN	3.0	3.0	1664	$1,600	$0.96	21d	1	0.53mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	16d	1	0.60mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	45d	1	0.86mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	45d	1	0.87mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	45d	1	0.93mi
49 S Lasalle St Unit 1540092P Indianapolis, IN	3.0	2.0	1991	$3,053	$1.53	4d	1	1.00mi
849 N Oakland Ave Indianapolis, IN	4.0	3.0	1638	$2,350	$1.43	13d	1	1.03mi
5414 E 10th St Indianapolis, IN	3.0	2.0	2322	$1,850	$0.80	19d	1	1.04mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	9d	1	1.07mi
2822 E Michigan St Indianapolis, IN	3.0	2.0	1918	$1,999	$1.04	23d	1	1.17mi
420 Eastern Ave Indianapolis, IN	3.0	1.0	1900	$1,325	$0.70	45d	1	1.28mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	45d	1	1.31mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	25d	1	1.31mi
238 Eastern Ave Indianapolis, IN	3.0	2.0	1850	$1,900	$1.03	25d	1	1.31mi
409 N Temple Ave Indianapolis, IN	3.0	2.0	2106	$1,650	$0.78	45d	1	1.32mi

Listing history 19 events

1. 2026-06-21
   days on market $190,000 Active 158 DOM
2. 2026-06-18
   days on market $190,000 Active 155 DOM
3. 2026-06-17
   days on market $190,000 Active 154 DOM
4. 2026-06-16
   days on market $190,000 Active 153 DOM
5. 2026-06-15
   days on market $190,000 Active 152 DOM
6. 2026-06-13
   days on market $190,000 Active 150 DOM
7. 2026-06-13
   days on market $190,000 Active 149 DOM
8. 2026-06-09
   days on market $190,000 Active 146 DOM
9. 2026-06-08
   days on market $190,000 Active 145 DOM
10. 2026-06-07
    days on market $190,000 Active 144 DOM
11. 2026-06-03
    days on market $190,000 Active 140 DOM
12. 2026-06-02
    days on market $190,000 Active 139 DOM
13. 2026-06-01
    days on market $190,000 Active 138 DOM
14. 2026-05-31
    days on market $190,000 Active 137 DOM
15. 2026-04-15
    price $190,000 386-char remark

    Show marketing remark (386 chars)

    This duplex features two spacious 2-bedroom, 1-bath units, each offering 1,145 square feet of living space. Fully rehabbed in 2019, both sides include updated finishes and tenant-friendly layouts. The property currently brings in $1,800 per month in total rent. Located near downtown Indianapolis with convenient access to amenities, this is a strong cash-flowing asset with low upkeep.

16. 2026-02-08
    status Active 386-char remark

    Show marketing remark (386 chars)

    This duplex features two spacious 2-bedroom, 1-bath units, each offering 1,145 square feet of living space. Fully rehabbed in 2019, both sides include updated finishes and tenant-friendly layouts. The property currently brings in $1,800 per month in total rent. Located near downtown Indianapolis with convenient access to amenities, this is a strong cash-flowing asset with low upkeep.

17. 2026-02-03
    status Pending 386-char remark

    Show marketing remark (386 chars)

    This duplex features two spacious 2-bedroom, 1-bath units, each offering 1,145 square feet of living space. Fully rehabbed in 2019, both sides include updated finishes and tenant-friendly layouts. The property currently brings in $1,800 per month in total rent. Located near downtown Indianapolis with convenient access to amenities, this is a strong cash-flowing asset with low upkeep.

18. 2026-01-09
    listed $200,000 Active 386-char remark

    Show marketing remark (386 chars)

    This duplex features two spacious 2-bedroom, 1-bath units, each offering 1,145 square feet of living space. Fully rehabbed in 2019, both sides include updated finishes and tenant-friendly layouts. The property currently brings in $1,800 per month in total rent. Located near downtown Indianapolis with convenient access to amenities, this is a strong cash-flowing asset with low upkeep.

19. 2023-06-18
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $28,032
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,243
• − Management: −$2,243
• − Depreciation: −$5,527
• Taxable income: $3,577
• Est. tax owed @ 24.0%: −$858
• After-tax cash flow: $5,530/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, fully rehabbed 2019 duplex offers spacious living with updated finishes and tenant-friendly layouts. Minor repairs and maintenance can further enhance its value for both resale and rental.

Repairs flagged

• Minor kitchen cabinets — Wear and tear on cabinet hardware and doors.
• Minor bathroom fixtures — Basic fixtures that could be upgraded for a more modern look.

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value.
• Both Bathroom upgrades — Modernizing bathrooms can boost both resale and rental appeal.
• Rental Landscaping improvements — Enhanced curb appeal can attract more tenants and increase rental rates.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Wear and tear on cabinet hardware and doors.	Minor	$500–3,000
bathroom fixtures · Basic fixtures that could be upgraded for a more modern look.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value. ↑
• Both Bathroom upgrades — Modernizing bathrooms can boost both resale and rental appeal. ↑
• Rental Landscaping improvements — Enhanced curb appeal can attract more tenants and increase rental rates. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

-5.0% since first listed

5 events — show timeline

• 2026-04-15 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2026-02-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-09 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2023-06-18 Rental Removed — TURBOTENANT