2827 E Michigan St · Indianapolis city (balance), IN 46201

$75,000

2 bd · 1.0 ba · 1,064 sqft · Condo public records · 61 Days on market

Built 1923 Fair condition $185/mo HOA · 14% of rent

---

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 +23.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the charm of 2825 E Michigan ST, INDIANAPOLIS, IN, USA. This inviting condominium, built in 1923, offers 1064 square feet of living space. The residence encompasses two comfortable bedrooms. A well-appointed full bathroom serves the home, designed for both functionality and ease. This two-story condominium also features an inviting porch, extending your living space outdoors for relaxation or welcoming guests. Put your own touch and complete the rehab to be a perfect home or rental. 2825 Michigan is also for sale and can be purchased together or individually.

Key facts

• Two distinct stories
• Inviting porch
• $185 HOA

Tags

• INVITING PORCH
• TWO DISTINCT STORIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+7.3%/yr); 480 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); 48% 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).
• This rent runs 32% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 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 $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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.
10. 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.
11. 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: 1.76% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.63%
• DSCR: 1.34
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $2,572
• Equity at exit: $11,183

10-year hold

• IRR: 18.0%
• Equity multiple: 2.95×
• Total profit: $40,970
• Equity at exit: $6,485

Cash invested: $21,000 (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: 480
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,317 high
• Mortgage (P&I): −$393
• Tax from tax record: −$297 /mo · $3,564/yr
• Insurance: −$31
• HOA: −$185
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $134

Break-even live

Break-even rent $1,148

Max offer price $75,000

Occupancy floor 85%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	14d	1	0.04mi
2814 E Michigan St Unit D Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	43d	1	0.08mi
2810 E Michigan St Unit C Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	43d	1	0.09mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	14d	1	0.09mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	17d	1	0.11mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	43d	1	0.13mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	23d	1	0.16mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	21d	1	0.18mi
619 N Rural St Indianapolis, IN	3.0	2.0	1300	$1,600	$1.23	23d	1	0.20mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	43d	1	0.22mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	43d	1	0.22mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	43d	1	0.23mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	17d	1	0.24mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	7d	1	0.25mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	43d	1	0.27mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	44d	1	0.29mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	43d	1	0.29mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	23d	1	0.30mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	43d	1	0.31mi
625 N Tacoma Ave Indianapolis, IN	3.0	1.0	1160	$1,350	$1.16	10d	1	0.35mi
627 N Tacoma Ave Indianapolis, IN	3.0	1.0	1160	$1,350	$1.16	10d	1	0.35mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	10d	1	0.35mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	43d	1	0.35mi
224 N Tacoma Ave Unit B TACOMA Indianapolis, IN	1.0	1.0	1200	$799	$0.67	7d	1	0.36mi
849 N Rural St Unit 849 Indianapolis, IN	3.0	2.5	1300	$2,000	$1.54	43d	1	0.36mi
851 N Rural St Indianapolis, IN	3.0	2.5	1300	$1,700	$1.31	23d	1	0.37mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	43d	1	0.40mi
850 N Dearborn St Indianapolis, IN	1.0	1.0	784	$750	$0.96	43d	1	0.40mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	23d	1	0.42mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	23d	1	0.48mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	0.48mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	43d	1	0.48mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	0.49mi
3101 E 10th St #301 Indianapolis, IN	2.0	1.0	921	$1,195	$1.30	43d	1	0.51mi
3030 E 10th St Indianapolis, IN	2.0	1.0	950	$900	$0.95	21d	1	0.53mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	2d	1	0.53mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	4d	1	0.53mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	43d	1	0.56mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	43d	1	0.57mi
416 N Hamilton Ave Unit 416-A Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	43d	1	0.57mi

HOA detail condo

• Monthly dues: $185 · $2,220/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-03
   days on market $75,000 Active 61 DOM
2. 2026-06-02
   days on market $75,000 Active 60 DOM
3. 2026-06-01
   days on market $75,000 Active 59 DOM
4. 2026-05-31
   days on market $75,000 Active 58 DOM
5. 2026-04-03
   listed $75,000 Active 574-char remark

   Show marketing remark (574 chars)

   Discover the charm of 2825 E Michigan ST, INDIANAPOLIS, IN, USA. This inviting condominium, built in 1923, offers 1064 square feet of living space. The residence encompasses two comfortable bedrooms. A well-appointed full bathroom serves the home, designed for both functionality and ease. This two-story condominium also features an inviting porch, extending your living space outdoors for relaxation or welcoming guests. Put your own touch and complete the rehab to be a perfect home or rental. 2825 Michigan is also for sale and can be purchased together or individually.

ⓘ 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: $3,564 · $297/mo
• Projected year-2 tax: $3,564 · $297/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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,800
• − Mortgage interest: −$4,201
• − Property taxes: −$3,564
• − Insurance: −$375
• − Repairs & maintenance: −$1,264
• − Management: −$1,264
• − HOA: −$2,220
• − Depreciation: −$2,182
• Taxable income: $730
• Est. tax owed @ 24.0%: −$175
• After-tax cash flow: $1,428/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 · 4 photos

Fair 45/100 Moderate rehab

This two-story condominium requires moderate repairs and maintenance, including roof and exterior siding work, to improve its condition and value.

Repairs flagged

• Major roof — Signs of significant wear
• Major exterior siding — Weathered and peeling
• Major fencing — Old and in need of repair

Value-add opportunities

• Both Landscaping and exterior painting — Enhances curb appeal and value
• Both Roof repair — Critical for structural integrity and safety
• Both Exterior siding repair — Improves aesthetics and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant wear	Major	$15,000–50,000
exterior siding · Weathered and peeling	Major	$15,000–50,000
fencing · Old and in need of repair	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and exterior painting — Enhances curb appeal and value ↑
• Both Roof repair — Critical for structural integrity and safety ↑
• Both Exterior siding repair — Improves aesthetics and energy efficiency ↑

ⓘ 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

1 event — show timeline

• 2026-04-03 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2025): $3,564 · +15.3% YoY. Source: county tax records.