426 Leeds Ave · Indianapolis city (balance), IN 46201

$67,000

2 bd · 1.0 ba · 924 sqft · SingleFamily public records · 57 Days on market

Built 1955 5,881 sqft lot $73/sqft · 53% below area ↓ 17% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location opportunity in the heart of Indianapolis. This 2 bed, 1 bath property at 426 Leeds Ave offers convenient access to downtown, major highways, shopping, dining, and local amenities. Situated in an established neighborhood with strong rental and resale potential, this home is perfect for investors or buyers looking to add value. Property needs work and is being sold as-is, making it an excellent opportunity to renovate and customize to your vision. Don't miss your chance to transform this property into something special!

Key facts

• 5,881 sq ft lot
• Built 1955
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 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 fast (+7.3%/yr); 483 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); 45% 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 $463 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,990 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1955 — 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: 1.74% ✓
• Cap rate: 15.71%
• Cash-on-cash: 33.63%
• DSCR: 2.50
• GRM: 4.8

CMA / ARV

• ARV (median comp): $141,079
• List price: $67,000
• Delta: -52.51%
• 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
274 Leeds Ave	0.14mi	3/2.0 (+1)	936 (+1%)	12mo	$100,000	$107	72
543 Leeds Ave	0.17mi	2/1.0	856 (-7%)	13mo	$172,500	$202	69
3106 Newton Ave	0.42mi	3/2.0 (+1)	912 (-1%)	1mo	$95,500	$105	68
917 St Peter St	0.51mi	2/1.0	913 (-1%)	9mo	$90,000	$99	67
2251 English Ave	0.35mi	3/1.0 (+1)	960 (+4%)	10mo	$179,900	$187	64
238 S Temple Ave	0.22mi	2/1.0	840 (-9%)	13mo	$65,000	$77	64
425 S Oakland Ave	0.26mi	2/1.0	834 (-10%)	13mo	$105,000	$126	61
331 S Oakland Ave	0.27mi	3/1.0 (+1)	1,056 (+14%)	5mo	$135,000	$128	54
1917 Fletcher Ave	0.59mi	2/1.0	980 (+6%)	13mo	$240,000	$245	52
3780 E Pleasant Run Parkway North Dr	0.69mi	3/1.0 (+1)	1,026 (+11%)	3mo	$136,000	$133	42
1118 Churchman Ave	0.73mi	2/2.0	812 (-12%)	7mo	$244,000	$300	36
1641 Deloss St	0.72mi	3/1.5 (+1)	1,038 (+12%)	9mo	$205,000	$197	31

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: 33.4%
• Equity multiple: 2.49×
• Total profit: $27,865
• Equity at exit: $9,990

10-year hold

• IRR: 42.5%
• Equity multiple: 5.84×
• Total profit: $90,874
• Equity at exit: $5,793

Cash invested: $18,760 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,162 high
• Mortgage (P&I): −$351
• Tax from tax record: −$13 /mo · $160/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $526

Break-even live

Break-even rent $497

Max offer price $67,000

Occupancy floor 50%

Sensitivity live

Price	-10% $564	-5% $545	+0% $526	+5% $507	+10% $488
Rent	-10% $434	-5% $480	+0% $526	+5% $572	+10% $618
Rate	-1.0pp $560	-0.5pp $543	base $526	+0.5pp $508	+1.0pp $491

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	0.07mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	0.07mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	0.10mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.11mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.21mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	0.34mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	0.34mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.41mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	0.43mi
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.45mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	0.50mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	0.51mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	24d	1	0.55mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	44d	1	0.58mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.58mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.61mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.61mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	0.64mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.66mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	44d	1	0.67mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	44d	1	0.67mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	44d	1	0.67mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	0.72mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	44d	1	0.73mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.74mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.74mi
518 S State Ave Indianapolis, IN	2.0	1.0	900	$725	$0.81	44d	1	0.75mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.75mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.76mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.77mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	23d	1	0.77mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.78mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	23d	1	0.79mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	18d	1	0.85mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	24d	1	0.85mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	24d	1	0.86mi
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.87mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	24d	1	0.88mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	24d	1	0.91mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	15d	1	0.93mi

Listing history 10 events

1. 2026-06-09
   days on market $67,000 Active 57 DOM
2. 2026-06-08
   days on market $67,000 Active 56 DOM
3. 2026-06-07
   pricedays on market $67,000 Active 55 DOM
4. 2026-06-03
   days on market $70,000 Active 51 DOM
5. 2026-06-02
   days on market $70,000 Active 50 DOM
6. 2026-06-01
   days on market $70,000 Active 49 DOM
7. 2026-05-31
   days on market $70,000 Active 48 DOM
8. 2026-05-12
   price $75,000 538-char remark

   Show marketing remark (538 chars)

   Great location opportunity in the heart of Indianapolis. This 2 bed, 1 bath property at 426 Leeds Ave offers convenient access to downtown, major highways, shopping, dining, and local amenities. Situated in an established neighborhood with strong rental and resale potential, this home is perfect for investors or buyers looking to add value. Property needs work and is being sold as-is, making it an excellent opportunity to renovate and customize to your vision. Don't miss your chance to transform this property into something special!

9. 2026-04-22
   price $80,000 538-char remark

   Show marketing remark (538 chars)

   Great location opportunity in the heart of Indianapolis. This 2 bed, 1 bath property at 426 Leeds Ave offers convenient access to downtown, major highways, shopping, dining, and local amenities. Situated in an established neighborhood with strong rental and resale potential, this home is perfect for investors or buyers looking to add value. Property needs work and is being sold as-is, making it an excellent opportunity to renovate and customize to your vision. Don't miss your chance to transform this property into something special!

10. 2026-04-13
    listed $90,000 Active 538-char remark

    Show marketing remark (538 chars)

    Great location opportunity in the heart of Indianapolis. This 2 bed, 1 bath property at 426 Leeds Ave offers convenient access to downtown, major highways, shopping, dining, and local amenities. Situated in an established neighborhood with strong rental and resale potential, this home is perfect for investors or buyers looking to add value. Property needs work and is being sold as-is, making it an excellent opportunity to renovate and customize to your vision. Don't miss your chance to transform this property into something special!

ⓘ 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: $160 · $13/mo
• Projected year-2 tax: $365 · $30/mo
• Expected delta: +$205/yr (+$17/mo · 128.3%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,950
• − Mortgage interest: −$3,753
• − Property taxes: −$160
• − Insurance: −$335
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − Depreciation: −$1,949
• Taxable income: $5,521
• Est. tax owed @ 24.0%: −$1,325
• After-tax cash flow: $4,984/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): 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

-16.7% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-04-13 Listed $90,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.1%/yr

Latest (2025): $160 · -59.5% YoY. Source: county tax records.