1157 W 32nd St · Indianapolis city (balance), IN 46208

$135,000

3 bd · 2.5 ba · 1,426 sqft · SingleFamily public records · 69 Days on market

Built 1910 3,790 sqft lot $95/sqft · 35% above area Est $149k · 9% 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 +21.1/30.0
• ARV discount +11.6/15.0
• DSCR +6.7/10.0
• 1% rule +6.0/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors! Don't miss this great opportunity to add to your portfolio with this 3 bedroom, 2 bath home situated on a desirable corner lot. The property features a 2 car detached garage. With a little TLC, this home has strong potential for renovation, rental income, or resale. This property is full of possibilities!

Key facts

• 3,790 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 (+6.4%/yr); 279 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 + 6.4% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $38k; list at $135k implies a 260% 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 $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.10% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.11%
• DSCR: 1.27
• GRM: 7.6

CMA / ARV

• ARV (median comp): $148,527
• List price: $135,000
• Delta: -9.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1229 W 33rd St	0.09mi	3/1.0	1,485 (+4%)	6mo	$147,000	$99	78
713 W 32nd St	0.52mi	3/2.0	1,417 (-1%)	1mo	$147,000	$104	72
1453 W 34th St	0.36mi	3/1.0	1,528 (+7%)	1mo	$150,000	$98	65
3106 N Harding St	0.28mi	4/2.0 (+1)	1,296 (-9%)	6mo	$160,000	$123	60
1707 River Shore Pkwy	0.42mi	2/2.0 (-1)	1,316 (-8%)	1mo	$219,500	$167	59
1445 W 34th St	0.35mi	2/1.0 (-1)	1,344 (-6%)	5mo	$48,000	$36	59
3132 N River Shore Pl	0.42mi	3/2.0	1,287 (-10%)	8mo	$209,900	$163	56
1149 W 36th St	0.29mi	2/1.0 (-1)	1,605 (+13%)	4mo	$134,000	$83	51
1226 W 29th St	0.31mi	2/1.0 (-1)	1,616 (+13%)	1mo	$127,900	$79	51
1338 W 25th St	0.72mi	2/1.0 (-1)	1,376 (-4%)	6mo	$83,000	$60	45
1215 W 25th St	0.71mi	2/1.0 (-1)	1,344 (-6%)	2mo	$139,000	$103	44
1354 Roache St	0.60mi	3/1.5	1,632 (+14%)	6mo	$55,000	$34	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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-4,247
• Equity at exit: $20,129

10-year hold

• IRR: 10.4%
• Equity multiple: 1.94×
• Total profit: $35,705
• Equity at exit: $11,672

Cash invested: $37,800 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,488 high
• Mortgage (P&I): −$708
• Tax from tax record: −$219 /mo · $2,628/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $193

Break-even live

Break-even rent $1,245

Max offer price $135,000

Occupancy floor 82%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	43d	1	0.20mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	43d	1	0.27mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	23d	1	0.34mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	7d	1	0.35mi
962 W 35th St Indianapolis, IN	2.0	1.0	1768	$1,195	$0.68	2d	1	0.36mi
3057 Armory Dr Indianapolis, IN	2.0	1.5	1674	$1,495	$0.89	7d	1	0.52mi
3057 Armory Dr Indianapolis, IN	2.0	2.0	1674	$1,695	$1.01	43d	1	0.52mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.57mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.59mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	0.61mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	43d	1	0.76mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.77mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	23d	1	0.78mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	23d	1	0.79mi
1343 Edgemont Ave Indianapolis, IN	4.0	2.0	1545	$2,095	$1.36	43d	1	0.81mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	23d	1	0.88mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	23d	1	0.90mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	23d	1	0.90mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	23d	1	1.00mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	43d	1	1.02mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	1.04mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	23d	1	1.06mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	43d	1	1.10mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	1.17mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	1.20mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	1.20mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	23d	1	1.21mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	1.23mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	1.23mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	1.24mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	43d	1	1.25mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	1.27mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	7d	1	1.28mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	2d	1	1.34mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	2d	1	1.34mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	7d	1	1.35mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	1.35mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,675	$0.91	7d	6	1.36mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	2d	1	1.36mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	7d	1	1.36mi

Listing history 36 events

1. 2026-06-18
   days on market $135,000 Active 69 DOM
2. 2026-06-17
   days on market $135,000 Active 68 DOM
3. 2026-06-16
   days on market $135,000 Active 67 DOM
4. 2026-06-15
   days on market $135,000 Active 66 DOM
5. 2026-06-13
   days on market $135,000 Active 64 DOM
6. 2026-06-13
   days on market $135,000 Active 63 DOM
7. 2026-06-09
   days on market $135,000 Active 60 DOM
8. 2026-06-08
   days on market $135,000 Active 59 DOM
9. 2026-06-07
   days on market $135,000 Active 58 DOM
10. 2026-06-03
    days on market $135,000 Active 54 DOM
11. 2026-06-02
    days on market $135,000 Active 53 DOM
12. 2026-06-01
    days on market $135,000 Active 52 DOM
13. 2026-05-31
    days on market $135,000 Active 51 DOM
14. 2026-04-10
    listed $135,000 Active 329-char remark

    Show marketing remark (329 chars)

    Calling all investors! Don't miss this great opportunity to add to your portfolio with this 3 bedroom, 2 bath home situated on a desirable corner lot. The property features a 2 car detached garage. With a little TLC, this home has strong potential for renovation, rental income, or resale. This property is full of possibilities!

15. 2026-03-09
    historical $1,495
16. 2026-01-15
    listed $1,495
17. 2026-01-15
    historical $1,495
18. 2025-11-18
    listed $1,495
19. 2025-11-18
    historical $1,495
20. 2025-03-23
    listed $1,495
21. 2016-07-01
    soldstatus $37,500 Sold 124-char remark

    Show marketing remark (124 chars)

    Great Investment opportunity. 3 bedroom, 2 bath on a corner lot with a 2 car detached garage. Being sold "as-is".

22. 2016-05-25
    status Pending 124-char remark

    Show marketing remark (124 chars)

    Great Investment opportunity. 3 bedroom, 2 bath on a corner lot with a 2 car detached garage. Being sold "as-is".

23. 2016-05-16
    historical Active with Contingency 124-char remark

    Show marketing remark (124 chars)

    Great Investment opportunity. 3 bedroom, 2 bath on a corner lot with a 2 car detached garage. Being sold "as-is".

24. 2016-04-26
    price $41,900 124-char remark

    Show marketing remark (124 chars)

    Great Investment opportunity. 3 bedroom, 2 bath on a corner lot with a 2 car detached garage. Being sold "as-is".

25. 2016-01-16
    listed $44,900 Active 124-char remark

    Show marketing remark (124 chars)

    Great Investment opportunity. 3 bedroom, 2 bath on a corner lot with a 2 car detached garage. Being sold "as-is".

26. 2015-10-27
    soldstatus $16,200 Sold
27. 2015-09-19
    status Pending
28. 2015-09-01
    price $27,300
29. 2015-07-15
    price $31,200
30. 2015-06-16
    price $35,100
31. 2015-05-06
    listed $37,050 Active
32. 2009-01-15
    historical
33. 2008-12-30
    soldstatus $19,000
34. 2008-07-25
    listed $19,800
35. 2006-06-10
    historical
36. 2006-02-21
    listed $69,500

ⓘ 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: $2,628 · $219/mo
• Projected year-2 tax: $2,628 · $219/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 4/10 Moderate 7 d/yr ≥101°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: $17,859
• − Mortgage interest: −$7,562
• − Property taxes: −$2,628
• − Insurance: −$675
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$3,927
• Taxable income: $210
• Est. tax owed @ 24.0%: −$50
• After-tax cash flow: $2,260/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+94.2% since first listed

23 events — show timeline

• 2026-04-10 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2026-03-09 Rental Removed $1,495 RentEngineListings
• 2026-01-15 Listed for Rent $1,495 RentEngineListings
• 2026-01-15 Rental Removed $1,495 TENANTTURNER2
• 2025-11-18 Listed for Rent $1,495 TENANTTURNER2
• 2025-11-18 Rental Removed $1,495 APPFOLIO
• 2025-03-23 Listed for Rent $1,495 APPFOLIO
• 2016-07-01 Sold (MLS) $37,500 MIBOR as Distributed by MLS Grid
• 2016-05-25 Pending — MIBOR as Distributed by MLS Grid
• 2016-05-16 Contingent — MIBOR as Distributed by MLS Grid
• 2016-04-26 Price Changed $41,900 MIBOR as Distributed by MLS Grid
• 2016-01-16 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2015-10-27 Sold (MLS) $16,200 MIBOR as Distributed by MLS Grid
• 2015-09-19 Pending — MIBOR as Distributed by MLS Grid
• 2015-09-01 Price Changed $27,300 MIBOR as Distributed by MLS Grid
• 2015-07-15 Price Changed $31,200 MIBOR as Distributed by MLS Grid
• 2015-06-16 Price Changed $35,100 MIBOR as Distributed by MLS Grid
• 2015-05-06 Listed $37,050 MIBOR as Distributed by MLS Grid
• 2009-01-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-12-30 Sold (MLS) $19,000 MIBOR as Distributed by MLS Grid
• 2008-07-25 Listed $19,800 MIBOR as Distributed by MLS Grid
• 2006-06-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-02-21 Listed $69,500 MIBOR as Distributed by MLS Grid

Property tax history

+10.6%/yr

Latest (2025): $2,628 · -3.7% YoY. Source: county tax records.