1909 Union St · Indianapolis city (balance), IN 46225

$112,000

2 bd · 1.0 ba · 834 sqft · SingleFamily public records · 54 Days on market

Built 1910 3,093 sqft lot $134/sqft · 22% below area Est $144k · 22% 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 +18.3/30.0
• ARV discount +15.0/15.0
• 1% rule +5.9/10.0
• DSCR +5.7/10.0
• Rent growth +5.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

RENTED FOR $1,200/MONTH, this Old Southside single-family is generating income on day one with a lease in place through November 2026. Located just minutes from downtown Indianapolis, this is a low entry point at $129,900 with a tenant already in place - no work, no wait.

Key facts

• 3,093 sq ft lot
• Built 1910
• Listed 54 days

🏷️ Possibly a rental listed for sale. The $112,000 price doesn't fit this home's estimated sale value (~$144,065) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $112k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $109k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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 (+11.0%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $774 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $8k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $112k implies a 75% 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 $108,640 (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 1910 — 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: 1.09% ✓
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 7.7

CMA / ARV

• ARV (median comp): $144,065
• List price: $112,000
• Delta: -22.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1917 Union St	0.01mi	2/1.0	820 (-2%)	12mo	$125,000	$152	87
123 E Palmer St	0.27mi	2/1.0	800 (-4%)	24mo	$150,000	$188	61
1913 S Talbott St SE	0.05mi	3/1.0 (+1)	946 (+13%)	11mo	$95,000	$100	61
1805 Orleans St	0.55mi	2/1.0	781 (-6%)	8mo	$78,000	$100	57
2245 Union St	0.43mi	2/1.0	724 (-13%)	4mo	$129,900	$179	55
1861 New St	0.67mi	2/1.0	768 (-8%)	9mo	$120,000	$156	48
928 E Pleasant Run Parkway North Dr	0.71mi	2/1.0	775 (-7%)	13mo	$220,000	$284	44
117 W Arizona St	0.50mi	2/1.0	952 (+14%)	12mo	$135,000	$142	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-5,125
• Equity at exit: $16,700

10-year hold

• IRR: 10.9%
• Equity multiple: 2.07×
• Total profit: $33,510
• Equity at exit: $9,684

Cash invested: $31,360 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,218 high
• Mortgage (P&I): −$587
• Tax from tax record: −$226 /mo · $2,709/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $102

Break-even live

Break-even rent $1,088

Max offer price $112,000

Occupancy floor 87%

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Adler St Indianapolis, IN	2.0	1.0	688	$795	$1.16	44d	1	0.03mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	44d	1	0.03mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	44d	1	0.11mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	15d	1	0.11mi
118 E Palmer St Indianapolis, IN	1.0	1.0	600	$649	$1.08	44d	1	0.29mi
118 E Palmer St #120 Indianapolis, IN	1.0	1.0	600	$825	$1.38	18d	1	0.29mi
118 E Palmer St #122 Indianapolis, IN	1.0	1.0	600	$875	$1.46	44d	1	0.29mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	8d	1	0.32mi
1461 S Meridian St Unit A Indianapolis, IN	1.0	1.0	800	$950	$1.19	44d	1	0.38mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	44d	1	0.46mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	24d	1	0.47mi
2236 Ransdell St Indianapolis, IN	2.0	1.0	850	$1,150	$1.35	44d	1	0.48mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	8d	1	0.48mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	44d	1	0.48mi
1409 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,245	$1.31	44d	1	0.48mi
1407 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,150	$1.21	44d	1	0.49mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.50mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	44d	1	0.52mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	20d	1	0.54mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	24d	1	0.54mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.55mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.65mi
355 E Morris St Indianapolis, IN	2.0	1.0	648	$1,800	$2.78	24d	1	0.71mi
436 Sanders St Indianapolis, IN	1.0	1.0	800	$800	$1.00	8d	1	0.72mi
1122 S Meridian St Unit B MERIDIAN Indianapolis, IN	2.0	1.5	840	$1,100	$1.31	44d	1	0.73mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.77mi
272 Hoefgen St Unit 1336809P Indianapolis, IN	2.0	1.0	592	$2,055	$3.47	2d	1	0.77mi
336 Prospect St Indianapolis, IN	1.0	1.0	450	$772	$1.72	12d	2	0.77mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	0.81mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.85mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.88mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	2d	42	0.91mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	2d	2	0.94mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	44d	1	0.97mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	16d	1	0.97mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	15d	1	1.01mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	1.01mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	1.05mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	1.10mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	1.10mi

Listing history 39 events

1. 2026-06-18
   days on market $112,000 Active 54 DOM
2. 2026-06-17
   days on market $112,000 Active 53 DOM
3. 2026-06-16
   days on market $112,000 Active 52 DOM
4. 2026-06-15
   days on market $112,000 Active 51 DOM
5. 2026-06-13
   days on market $112,000 Active 49 DOM
6. 2026-06-13
   days on market $112,000 Active 48 DOM
7. 2026-06-09
   days on market $112,000 Active 45 DOM
8. 2026-06-08
   days on market $112,000 Active 44 DOM
9. 2026-06-07
   days on market $112,000 Active 43 DOM
10. 2026-06-03
    days on market $112,000 Active 39 DOM
11. 2026-06-02
    days on market $112,000 Active 38 DOM
12. 2026-06-01
    days on market $112,000 Active 37 DOM
13. 2026-05-31
    days on market $112,000 Active 36 DOM
14. 2026-05-05
    status Pending 272-char remark

    Show marketing remark (272 chars)

    RENTED FOR $1,200/MONTH, this Old Southside single-family is generating income on day one with a lease in place through November 2026. Located just minutes from downtown Indianapolis, this is a low entry point at $129,900 with a tenant already in place - no work, no wait.

15. 2026-04-23
    price $112,000 272-char remark

    Show marketing remark (272 chars)

    RENTED FOR $1,200/MONTH, this Old Southside single-family is generating income on day one with a lease in place through November 2026. Located just minutes from downtown Indianapolis, this is a low entry point at $129,900 with a tenant already in place - no work, no wait.

16. 2026-04-01
    listed $119,900 Active 272-char remark

    Show marketing remark (272 chars)

    RENTED FOR $1,200/MONTH, this Old Southside single-family is generating income on day one with a lease in place through November 2026. Located just minutes from downtown Indianapolis, this is a low entry point at $129,900 with a tenant already in place - no work, no wait.

17. 2020-11-24
    soldstatus $64,000 Closed 612-char remark

    Show marketing remark (612 chars)

    Quaint bungalow located one street west of the hugely popular Bates-Hendricks neighborhood. As home prices skyrocket in surrounding downtown pocket neighborhoods... this is your chance to get a deal! The 2BR/1 Bath home was taken down to the studs and remodeled in 2019 and is ready for immediate move-in! (See attached list of improvements and associated costs). if you only need the Master Bedroom you can use the 2nd for an office! Nice Kitchen w new cabinets/hardware/sink etc. - bright & pleasant! The Living Room wall has art deco covering adding dimension. Room for parking or to add a garage in back.

18. 2020-11-24
    status Pending 612-char remark

    Show marketing remark (612 chars)

    Quaint bungalow located one street west of the hugely popular Bates-Hendricks neighborhood. As home prices skyrocket in surrounding downtown pocket neighborhoods... this is your chance to get a deal! The 2BR/1 Bath home was taken down to the studs and remodeled in 2019 and is ready for immediate move-in! (See attached list of improvements and associated costs). if you only need the Master Bedroom you can use the 2nd for an office! Nice Kitchen w new cabinets/hardware/sink etc. - bright & pleasant! The Living Room wall has art deco covering adding dimension. Room for parking or to add a garage in back.

19. 2020-11-06
    status Pending 612-char remark

    Show marketing remark (612 chars)

    Quaint bungalow located one street west of the hugely popular Bates-Hendricks neighborhood. As home prices skyrocket in surrounding downtown pocket neighborhoods... this is your chance to get a deal! The 2BR/1 Bath home was taken down to the studs and remodeled in 2019 and is ready for immediate move-in! (See attached list of improvements and associated costs). if you only need the Master Bedroom you can use the 2nd for an office! Nice Kitchen w new cabinets/hardware/sink etc. - bright & pleasant! The Living Room wall has art deco covering adding dimension. Room for parking or to add a garage in back.

20. 2020-11-05
    listed $70,000 Active 612-char remark

    Show marketing remark (612 chars)

    Quaint bungalow located one street west of the hugely popular Bates-Hendricks neighborhood. As home prices skyrocket in surrounding downtown pocket neighborhoods... this is your chance to get a deal! The 2BR/1 Bath home was taken down to the studs and remodeled in 2019 and is ready for immediate move-in! (See attached list of improvements and associated costs). if you only need the Master Bedroom you can use the 2nd for an office! Nice Kitchen w new cabinets/hardware/sink etc. - bright & pleasant! The Living Room wall has art deco covering adding dimension. Room for parking or to add a garage in back.

21. 2019-08-10
    status Pending
22. 2019-08-10
    historical
23. 2019-07-25
    price $59,900
24. 2019-07-17
    price $64,900
25. 2019-07-17
    status Active
26. 2019-07-08
    status Pending
27. 2019-06-23
    listed $74,900 Active
28. 2019-06-21
    historical
29. 2019-06-14
    price $79,000
30. 2019-06-01
    listed $80,000 Active
31. 2019-01-23
    soldstatus $28,750 Sold
32. 2019-01-05
    status Pending
33. 2018-10-16
    price $39,900
34. 2018-10-02
    price $44,900
35. 2018-09-20
    listed $49,900 Active
36. 2016-07-26
    historical
37. 2016-03-28
    listed $32,500 Active
38. 2004-02-09
    historical
39. 2003-08-08
    listed $27,500

ⓘ 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: $2,709 · $226/mo
• Projected year-2 tax: $2,709 · $226/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 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: $14,614
• − Mortgage interest: −$6,274
• − Property taxes: −$2,709
• − Insurance: −$560
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$3,258
• Taxable loss: −$525
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $1,354/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+307.3% since first listed

26 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Price Changed $112,000 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2020-11-24 Sold (MLS) $64,000 MIBOR as Distributed by MLS Grid
• 2020-11-24 Pending — MIBOR as Distributed by MLS Grid
• 2020-11-06 Pending — MIBOR as Distributed by MLS Grid
• 2020-11-05 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2019-08-10 Pending — MIBOR as Distributed by MLS Grid
• 2019-08-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-07-25 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2019-07-17 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2019-07-17 Relisted — MIBOR as Distributed by MLS Grid
• 2019-07-08 Pending — MIBOR as Distributed by MLS Grid
• 2019-06-23 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2019-06-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-06-14 Price Changed $79,000 MIBOR as Distributed by MLS Grid
• 2019-06-01 Listed $80,000 MIBOR as Distributed by MLS Grid
• 2019-01-23 Sold (MLS) $28,750 MIBOR as Distributed by MLS Grid
• 2019-01-05 Pending — MIBOR as Distributed by MLS Grid
• 2018-10-16 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2018-10-02 Price Changed $44,900 MIBOR as Distributed by MLS Grid
• 2018-09-20 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2016-07-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-03-28 Listed $32,500 MIBOR as Distributed by MLS Grid
• 2004-02-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-08-08 Listed $27,500 MIBOR as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2025): $2,709 · +7.5% YoY. Source: county tax records.