3626 Salem St · Indianapolis city (balance), IN 46208

$280,000

2 bd · 3.0 ba · 1,428 sqft · MultiFamily public records · 13 Days on market

Built 1925 5,184 sqft lot Est $266k · 5% over

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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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• ARV discount +5.1/15.0
• 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

Large double in fair condition with stone wall porch and large windows. Property is sold through an online application process, applications must include plans for rehab and funding. Buyers have 2-years from the closing date to complete the rehab of the home.

Key facts

• Functional basement
• Substantial lot
• Welcoming porch

Tags

• WELCOMING PORCH
• FUNCTIONAL BASEMENT
• SUBSTANTIAL LOT

Property features AI

Finance

• Other: Current use listed as apartment under 20 units
• Financial info: Two units total; Reported gross income: 0; Reported expenses: 0; Unit rents listed as 0 (monthly) — verify current income

Exterior

• Parking: On-street parking; Alley access
• Utilities: Municipal storm connected; No municipal solid waste service indicated
• Home design: Duplex (residential income property); Two stories
• Construction: Stone and vinyl siding exterior
• Exterior features: Sidewalks; Frontage road access; Lot under 1/4 acre (about 0.12 acre)

Interior

• Kitchen: 10x14 kitchen in each unit
• Heating & cooling: Fuel gas utilities for each unit
• Interior features: Has basement
• Laundry & utility: No laundry facilities

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $810 ($10k/yr) — positive. Per door: $405/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Cap rate 9.8% 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 (+6.4%/yr); 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $3,459/mo this rent would consume 69% 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 $2k of loan paydown is wiped out by about $8k 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 $78k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 13y ago; this cycle's ask is 40% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $38k; list at $280k implies a 627% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,000

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: 1.24% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.40%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $265,608
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
625 W 39th St	0.73mi	2/2.0	1,424 (-0%)	2mo	$205,000	$144	60
326 W 41st St	0.72mi	3/2.0 (+1)	1,469 (+3%)	24mo	$273,000	$186	33

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: 5.9%
• Equity multiple: 1.24×
• Total profit: $18,612
• Equity at exit: $41,749

10-year hold

• IRR: 18.2%
• Equity multiple: 2.75×
• Total profit: $137,196
• Equity at exit: $24,209

Cash invested: $78,400 (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: 279
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,459 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$338 /mo · $4,051/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$726
• Net cashflow: $810

Break-even live

Break-even rent $2,434

Max offer price $280,000

Occupancy floor 72%

Sensitivity live

Price	-10% $969	-5% $889	+0% $810	+5% $731	+10% $652
Rent	-10% $537	-5% $673	+0% $810	+5% $947	+10% $1,083
Rate	-1.0pp $951	-0.5pp $881	base $810	+0.5pp $737	+1.0pp $664

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$3,460
Total (2 units)			$3,459

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	44d	1	0.04mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	3d	34	0.05mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	44d	1	0.09mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	3d	1	0.12mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	44d	1	0.13mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	44d	1	0.17mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	8d	1	0.18mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	8d	1	0.20mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	24d	1	0.22mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	0.22mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$1,474	$1.39	21d	35	0.24mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	8d	1	0.25mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	8d	1	0.30mi
3554 Washington Blvd Indianapolis, IN	1.0	1.0	1714	$750	$0.44	24d	1	0.30mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.31mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	24d	1	0.34mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	11d	1	0.34mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	8d	1	0.41mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	24d	1	0.43mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	24d	1	0.44mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	14d	1	0.55mi
512 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.63mi
514 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.63mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	22d	1	0.65mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	24d	1	0.68mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	44d	1	0.69mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	18d	1	0.71mi
3365 Broadway St Indianapolis, IN	3.0	2.0	1300	$1,700	$1.31	44d	1	0.72mi
3370 N College Ave Indianapolis, IN	3.0	1.0	1680	$1,275	$0.76	2d	1	0.74mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	44d	1	0.78mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	24d	1	0.78mi
3359 N College Ave Indianapolis, IN	2.0	1.5	1450	$1,795	$1.24	11d	1	0.78mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	20d	1	0.80mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	5d	1	0.80mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	18d	1	0.81mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	3d	1	0.81mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	44d	1	0.83mi
3004 N Delaware St Indianapolis, IN	3.0	1.5	1600	$1,599	$1.00	8d	1	0.84mi
4040 N College Ave Indianapolis, IN	3.0	1.5	1280	$1,900	$1.48	8d	1	0.85mi
3509 Guilford Ave Indianapolis, IN	3.0	1.5	1351	$1,445	$1.07	15d	1	0.86mi

Listing history 10 events

1. 2026-06-18
   days on market $280,000 Active 13 DOM
2. 2026-06-17
   days on market $280,000 Active 12 DOM
3. 2026-06-16
   days on market $280,000 Active 11 DOM
4. 2026-06-15
   days on market $280,000 Active 10 DOM
5. 2026-06-13
   days on market $280,000 Active 8 DOM
6. 2026-06-13
   pricedays on market $280,000 Active 7 DOM
7. 2026-06-09
   days on market $200,000 Active 4 DOM
8. 2026-06-08
   days on market $200,000 Active 3 DOM
9. 2026-06-07
   remarks 612-char remark
10. 2026-06-07
    listed $200,000 Active 2 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: $4,051 · $338/mo
• Projected year-2 tax: $4,051 · $338/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 6/10 Major FEMA zone X (unshaded) · 72% 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: $41,508
• − Mortgage interest: −$15,684
• − Property taxes: −$4,051
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,321
• − Management: −$3,321
• − Depreciation: −$8,145
• Taxable income: $5,586
• Est. tax owed @ 24.0%: −$1,341
• After-tax cash flow: $8,380/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

+875.6% since first listed

9 events — show timeline

• 2026-06-05 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2019-12-10 Sold (MLS) $38,500 MIBOR as Distributed by MLS Grid
• 2019-10-01 Pending — MIBOR as Distributed by MLS Grid
• 2019-06-05 Listed $38,500 MIBOR as Distributed by MLS Grid
• 2016-11-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-07-27 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2013-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-09-27 Sold (MLS) $13,500 MIBOR as Distributed by MLS Grid
• 2013-08-13 Listed $20,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2025): $4,051 · +4.3% YoY. Source: county tax records.