2240 Saint Paul St · Indianapolis city (balance), IN 46203

$110,500

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 151 Days on market

Built 1950 5,009 sqft lot $128/sqft · 14% below area Est $128k · 14% under ↓ 11% since listing

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Why this score? — see what drove the B- 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 +28.3/30.0
• ARV discount +13.7/15.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Rent growth +3.2/5.0
• 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 charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

Key facts

• Bonus room
• Detached garage
• Vinyl exterior

Tags

• BONUS ROOM
• DETACHED GARAGE
• VINYL EXTERIOR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 B — 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 (+2.9%/yr); 499 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $764 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 + 2.9% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.16% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.75%
• DSCR: 1.61
• GRM: 7.2

CMA / ARV

• ARV (median comp): $128,080
• List price: $110,500
• Delta: -13.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2237 Villa Ave	0.10mi	3/1.0	846 (-2%)	1mo	$175,000	$207	91
2343 Saint Peter St	0.15mi	3/1.0	864 (0%)	3mo	$113,000	$131	91
2029 Reformers Ave	0.32mi	3/1.0	875 (+1%)	6mo	$95,000	$109	78
2541 Saint Peter St	0.35mi	3/1.0	910 (+5%)	2mo	$115,000	$126	73
1431 Finley Ave	0.67mi	2/1.0 (-1)	858 (-1%)	3mo	$75,000	$87	60
1418 Finley Ave	0.69mi	2/1.0 (-1)	844 (-2%)	1mo	$55,000	$65	58
1762 E Kelly St	0.27mi	2/1.0 (-1)	984 (+14%)	2mo	$72,000	$73	57
1517 E Kelly St	0.57mi	3/2.0	912 (+6%)	4mo	$167,500	$184	56
3153 E Tabor St	0.73mi	2/1.0 (-1)	840 (-3%)	1mo	$100,000	$119	55
1637 Hoefgen St	0.53mi	2/1.0 (-1)	780 (-10%)	4mo	$90,000	$115	51
1602 Harlan St	0.68mi	2/1.0 (-1)	808 (-6%)	7mo	$130,000	$161	47
2343 Cameron St	0.69mi	2/1.0 (-1)	768 (-11%)	3mo	$150,000	$195	42

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.14×
• Total profit: $4,479
• Equity at exit: $16,476

10-year hold

• IRR: 13.1%
• Equity multiple: 2.04×
• Total profit: $32,168
• Equity at exit: $9,554

Cash invested: $30,940 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 499
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,287 high
• Mortgage (P&I): −$579
• Tax from tax record: −$36 /mo · $436/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $355

Break-even live

Break-even rent $838

Max offer price $110,500

Occupancy floor 67%

Sensitivity live

Price	-10% $417	-5% $386	+0% $355	+5% $323	+10% $292
Rent	-10% $253	-5% $304	+0% $355	+5% $405	+10% $456
Rate	-1.0pp $410	-0.5pp $383	base $355	+0.5pp $326	+1.0pp $297

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: $27,625
• Closing costs: $3,315
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	45d	1	0.17mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	8d	1	0.31mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	4d	4	0.34mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	8d	1	0.38mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	11d	1	0.48mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	25d	1	0.48mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	11d	1	0.50mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	19d	1	0.50mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	45d	1	0.51mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	0.56mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	45d	1	0.75mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	19d	1	0.76mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	0.80mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.82mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	25d	1	0.82mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.83mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	45d	1	0.84mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	25d	1	0.85mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	45d	1	0.86mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	25d	1	0.86mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	1.00mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	23d	1	1.03mi
2430 Albany St Apt 01 Beech Grove, IN	2.0	1.0	800	$899	$1.12	8d	1	1.09mi
2430 Albany St Beech Grove, IN	2.0	1.0	800	$899	$1.12	16d	1	1.11mi
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	8d	1	1.15mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	25d	2	1.17mi
3206 S Temple Ave Indianapolis, IN	2.0	1.0	784	$1,080	$1.38	25d	1	1.18mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	1.24mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	45d	1	1.24mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	45d	1	1.25mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	45d	1	1.25mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	3d	13	1.27mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	45d	1	1.28mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	1.28mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	45d	1	1.29mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.29mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	1.32mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	1.34mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	45d	1	1.35mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	1.37mi

Listing history 19 events

1. 2026-06-21
   days on market $110,500 Active 151 DOM
2. 2026-06-18
   days on market $110,500 Active 148 DOM
3. 2026-06-17
   days on market $110,500 Active 147 DOM
4. 2026-06-16
   days on market $110,500 Active 146 DOM
5. 2026-06-15
   days on market $110,500 Active 145 DOM
6. 2026-06-13
   days on market $110,500 Active 143 DOM
7. 2026-06-13
   pricedays on market $110,500 Active 142 DOM
8. 2026-06-09
   days on market $115,500 Active 139 DOM
9. 2026-06-08
   days on market $115,500 Active 138 DOM
10. 2026-06-07
    days on market $115,500 Active 137 DOM
11. 2026-06-03
    days on market $115,500 Active 133 DOM
12. 2026-06-02
    days on market $115,500 Active 132 DOM
13. 2026-06-01
    days on market $115,500 Active 131 DOM
14. 2026-05-31
    days on market $115,500 Active 130 DOM
15. 2026-05-08
    price $115,500 684-char remark

    Show marketing remark (684 chars)

    This charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

16. 2026-03-24
    status Active 684-char remark

    Show marketing remark (684 chars)

    This charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

17. 2026-03-09
    status Pending 684-char remark

    Show marketing remark (684 chars)

    This charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

18. 2026-02-23
    price $119,500 684-char remark

    Show marketing remark (684 chars)

    This charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

19. 2026-01-06
    listed $129,500 Active 684-char remark

    Show marketing remark (684 chars)

    This charming bungalow welcomes you with a cozy feel and a layout that offers more flexibility than you might expect. The spaces flow comfortably, making it easy to picture everyday living here. If you're looking for a home with character and a little extra room to make your own, this one is worth a visit. Built in 1950, this single-level SFR offers 864 square feet with a vinyl exterior and classic bungalow charm. The home features 2 bedrooms, 1 full bath, and a bonus room that can be used as an office, sitting room, or hobby space. A detached 1-car garage adds convenience and extra storage. With its manageable size and inviting feel, this home is ready for its next owner.

ⓘ 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: $436 · $36/mo
• Projected year-2 tax: $688 · $57/mo
• Expected delta: +$251/yr (+$21/mo · 57.6%)

ⓘ 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 ≥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: $15,440
• − Mortgage interest: −$6,190
• − Property taxes: −$436
• − Insurance: −$552
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$3,215
• Taxable income: $2,576
• Est. tax owed @ 24.0%: −$618
• After-tax cash flow: $3,637/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

-10.8% since first listed

5 events — show timeline

• 2026-05-08 Price Changed $115,500 MIBOR as Distributed by MLS Grid
• 2026-03-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-23 Price Changed $119,500 MIBOR as Distributed by MLS Grid
• 2026-01-06 Listed $129,500 MIBOR as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $436 · -15.5% YoY. Source: county tax records.