3633 Salem St · Indianapolis city (balance), IN 46208

$199,000

1 bd · 1.0 ba · 787 sqft · MultiFamily public records · 9 Days on market

Built 1925 4,400 sqft lot Est $271k · 26% under

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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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.1/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is the perfect investment opportunity. This duplex will provide you instant cash flow to your portfolio. Centrally located in Indianapolis, Close to the red line bus and more.

Key facts

• Renovated duplex
• New flooring
• New paint

Tags

• RENOVATED DUPLEX
• NEW PAINT
• NEW FLOORING
• NEW AC
• NEW WATER HEATER
• NEW KITCHEN CABINETS

Property features AI

Finance

• Financial info: Two-unit property; Gross annual income reported as $24,000; Owner pays taxes; owner does not pay utilities; Typical rents listed as $1,000 per unit per month; One unit reported without equipment; the other unit includes range/oven and refrigerator; Reported expenses: $0

Exterior

• Parking: On-street parking and 2 car space noted
• Security: Smoke detectors
• Utilities: Solid waste: none
• Home design: Duplex residential income property; One story
• Construction: Aluminum siding and brick exterior
• Exterior features: Access to lot; Alley access

Interior

• Kitchen: Two kitchens (each about 8x5); Range/oven and refrigerator in one unit
• Heating & cooling: Central air; Gas forced-air heating; Gas hot water
• Interior features: Unfinished basement; Storage
• Laundry & utility: Washer/dryer connections in basement; Utilities include central air (cl cntrl air), gas furnace (forced heat), and gas hot water

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 9.5% 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL).
• Market conditions: Rents rising fast (+6.4%/yr); 283 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).
• At $2,405/mo this rent would consume 48% of the median local household income ($60k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 11y 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 $89k; list at $199k implies a 124% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.21% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $270,728
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3706 N Kenwood Ave	0.17mi	2/1.0 (+1)	750 (-5%)	21mo	$245,000	$327	62
3237 Central Ave	0.66mi	1/1.0	800 (+2%)	14mo	$275,000	$344	54

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: 4.8%
• Equity multiple: 1.19×
• Total profit: $10,713
• Equity at exit: $29,672

10-year hold

• IRR: 17.2%
• Equity multiple: 2.64×
• Total profit: $91,473
• Equity at exit: $17,206

Cash invested: $55,720 (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: 283
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,405 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$234 /mo · $2,810/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $539

Break-even live

Break-even rent $1,722

Max offer price $199,000

Occupancy floor 73%

Sensitivity live

Price	-10% $652	-5% $596	+0% $539	+5% $483	+10% $427
Rent	-10% $349	-5% $444	+0% $539	+5% $634	+10% $729
Rate	-1.0pp $639	-0.5pp $590	base $539	+0.5pp $488	+1.0pp $435

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,406
Total (2 units)			$2,405

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3640 N Meridian St Unit 11 Indianapolis, IN	1.0	1.0	700	$699	$1.00	45d	1	0.04mi
3640 N Meridian St Unit 13 Indianapolis, IN	1.0	1.0	700	$699	$1.00	25d	1	0.04mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$799	$1.19	0d	33	0.05mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$932	$0.89	45d	1	0.09mi
3540 N Meridian St Indianapolis, IN	1.0	1.0	757	$789	$1.04	6d	3	0.10mi
3726 N Meridian St Apt 33 Indianapolis, IN	1.0	1.0	725	$750	$1.03	25d	1	0.10mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$760	$0.77	45d	1	0.13mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	45d	1	0.17mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	9d	1	0.18mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	4d	4	0.20mi
3671 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$794	$1.10	21d	1	0.22mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$925	$0.87	22d	35	0.24mi
57 E 38th St Indianapolis, IN	1.0	1.0	750	$770	$1.03	4d	4	0.25mi
3554 N Washington Blvd Apt 2 Indianapolis, IN	1.0	1.0	800	$750	$0.94	45d	1	0.30mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	0.31mi
3340 N Meridian St Unit 3340-305 Indianapolis, IN	1.0	1.0	650	$855	$1.32	25d	1	0.37mi
3340 N Meridian St Unit 3340-302 Indianapolis, IN	1.0	1.0	650	$855	$1.32	22d	1	0.38mi
3330 N Meridian St Unit 3330-306 Indianapolis, IN	1.0	1.0	650	$855	$1.32	22d	1	0.40mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$855	$1.14	45d	3	0.41mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	9d	1	0.41mi
3836 Central Ave Indianapolis, IN	1.0	1.0	600	$1,125	$1.88	25d	1	0.50mi
4031 Boulevard Pl Indianapolis, IN	1.0	1.0	700	$895	$1.28	22d	1	0.58mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	25d	1	0.68mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	45d	1	0.69mi
3924 Byram Ave Indianapolis, IN	1.0	1.0	810	$1,099	$1.36	6d	1	0.74mi
4210 Graceland Ave Indianapolis, IN	1.0	1.0	676	$900	$1.33	23d	1	0.77mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	25d	1	0.78mi
4023 Clarendon Rd Indianapolis, IN	1.0	1.0	572	$950	$1.66	45d	1	0.84mi
2937 N Kenwood Ave Unit A Indianapolis, IN	1.0	1.0	672	$889	$1.32	23d	1	0.88mi
2937 Shriver Ave Indianapolis, IN	1.0	1.0	564	$850	$1.51	45d	1	0.96mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	14d	1	0.99mi
2818 N Capitol Ave Apt 1 Indianapolis, IN	1.0	1.0	600	$2,000	$3.33	45d	1	1.05mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	25d	1	1.06mi
1 W 28th St Indianapolis, IN	1.0	1.0	656	$970	$1.48	4d	15	1.08mi
3610 Balsam Ave Indianapolis, IN	1.0	1.0	464	$775	$1.67	4d	9	1.08mi
3203 Sutherland Ave Unit 1310761P Indianapolis, IN	2.0	1.0	1097	$3,668	$3.34	4d	1	1.09mi
732 Clarendon Pl Indianapolis, IN	2.0	1.0	800	$1,100	$1.38	45d	1	1.10mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$775	$1.43	4d	1	1.11mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$755	$1.40	16d	1	1.11mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	21d	1	1.14mi

Listing history 7 events

1. 2026-06-13
   statusdays on market $199,000 Pending 9 DOM
2. 2026-06-09
   days on market $199,000 Active 8 DOM
3. 2026-06-08
   days on market $199,000 Active 7 DOM
4. 2026-06-07
   days on market $199,000 Active 6 DOM
5. 2026-06-03
   days on market $199,000 Active 2 DOM
6. 2026-06-02
   remarks 370-char remark
7. 2026-06-02
   listed $199,000 Active 1 DOM

ⓘ 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: $2,810 · $234/mo
• Projected year-2 tax: $2,810 · $234/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $28,860
• − Mortgage interest: −$11,147
• − Property taxes: −$2,810
• − Insurance: −$995
• − Repairs & maintenance: −$2,309
• − Management: −$2,309
• − Depreciation: −$5,789
• Taxable income: $3,501
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $5,631/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

+1226.7% since first listed

19 events — show timeline

• 2026-06-01 Listed $199,000 MIBOR as Distributed by MLS Grid
• 2021-02-22 Sold (MLS) $89,000 MIBOR as Distributed by MLS Grid
• 2021-01-17 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-01-13 Listed $104,900 MIBOR as Distributed by MLS Grid
• 2020-12-21 Pending — MIBOR as Distributed by MLS Grid
• 2020-12-07 Price Changed $104,900 MIBOR as Distributed by MLS Grid
• 2020-11-11 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2019-07-11 Sold (MLS) $37,000 MIBOR as Distributed by MLS Grid
• 2019-06-20 Pending — MIBOR as Distributed by MLS Grid
• 2019-05-21 Listed $43,000 MIBOR as Distributed by MLS Grid
• 2016-10-28 Sold (MLS) $23,000 MIBOR as Distributed by MLS Grid
• 2016-10-17 Pending — MIBOR as Distributed by MLS Grid
• 2016-09-14 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2015-12-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-10-09 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2015-09-29 Pending — MIBOR as Distributed by MLS Grid
• 2015-09-16 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2015-06-10 Listed $15,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.7%/yr

Latest (2025): $2,810 · +4.0% YoY. Source: county tax records.