1845 W Wilkins St · Indianapolis city (balance), IN 46221

$150,000

2 bd · 1.0 ba · 1,585 sqft · SingleFamily public records · 141 Days on market

Built 1920 6,142 sqft lot $95/sqft · 19% below area Est $139k · 8% 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 +24.8/30.0
• DSCR +8.0/10.0
• 1% rule +6.6/10.0
• ARV discount +4.0/15.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1845 Wilkins Street, Indianapolis, IN Investment Opportunity with Tenant in Place Overview: This charming single-family home offers a promising investment opportunity in the heart of Indianapolis. With a tenant currently in place, the property provides immediate rental income. Property Features: 3 Bedrooms: 2 Bathrooms: 1 Living Area: Approximately 744 sq ft Lot Size: 6,970 sq ft Year Built: 1948 Heating: Gas Forced Air Parking: Basement: Finished Appliances: Gas Oven, Refrigerator Interior Features: Hardwood Floors, Ceramic Tile in Kitchen Investment Highlights: Tenant in Place: Ensures immediate rental income. Basement: Offers potential for additional living space or storage. Neighborhood: Located in the Fletcher's Highland Park area, the property is situated in a well-established neighborhood with access to local amenities, schools, and public transportation

Key facts

• Tenant in place
• Finished basement
• Hardwood floors

Tags

• INVESTMENT OPPORTUNITY
• TENANT IN PLACE
• FINISHED BASEMENT
• HARDWOOD FLOORS
• CERAMIC TILE IN KITCHEN
• WELL ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+1.8%/yr); 43 active listings in the ZIP; 14 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).
• This rent runs 32% of the median local income ($65k/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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $22k; list at $150k implies a 567% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1920 — 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: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 7.2

CMA / ARV

• ARV (median comp): $139,142
• List price: $150,000
• Delta: 7.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1822 W Wyoming St	0.18mi	2/1.0	1,574 (-1%)	5mo	$140,000	$89	86
1842 Westview Dr	0.05mi	3/2.0 (+1)	1,560 (-2%)	5mo	$185,000	$119	82
1221 S Belmont Ave	0.24mi	3/1.0 (+1)	1,596 (+1%)	2mo	$103,000	$65	81
1245 S Belmont Ave	0.27mi	3/1.0 (+1)	1,632 (+3%)	1mo	$100,000	$61	76
1860 W Wyoming St	0.17mi	2/1.0	1,729 (+9%)	1mo	$133,250	$77	76
1256 Kappes St	0.25mi	3/2.0 (+1)	1,524 (-4%)	0mo	$181,000	$119	73
2015 W Wilkins St	0.13mi	2/1.0	1,760 (+11%)	5mo	$112,500	$64	71
1023 S Pershing Ave	0.31mi	2/1.0	1,440 (-9%)	2mo	$139,900	$97	69
2331 W Morris St	0.40mi	2/1.0	1,512 (-5%)	6mo	$150,000	$99	68
821 S Tremont St	0.41mi	3/1.0 (+1)	1,639 (+3%)	6mo	$105,000	$64	65
1914 Miller St	0.50mi	3/2.0 (+1)	1,680 (+6%)	5mo	$176,000	$105	53
1322 S Belmont Ave	0.35mi	3/2.0 (+1)	1,808 (+14%)	7mo	$159,900	$88	46

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-6,263
• Equity at exit: $22,365

10-year hold

• IRR: 4.2%
• Equity multiple: 1.29×
• Total profit: $12,192
• Equity at exit: $12,969

Cash invested: $42,000 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,746 high
• Mortgage (P&I): −$787
• Tax from tax record: −$215 /mo · $2,580/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $316

Break-even live

Break-even rent $1,347

Max offer price $150,000

Occupancy floor 77%

Sensitivity live

Price	-10% $401	-5% $358	+0% $316	+5% $273	+10% $231
Rent	-10% $178	-5% $247	+0% $316	+5% $385	+10% $454
Rate	-1.0pp $391	-0.5pp $354	base $316	+0.5pp $277	+1.0pp $237

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	0.11mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.17mi
1124 S Reisner St Indianapolis, IN	3.0	2.0	1548	$1,700	$1.10	44d	1	0.21mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.31mi
2127 Haines Ave Indianapolis, IN	3.0	2.0	1250	$2,000	$1.60	2d	1	0.92mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	24d	1	1.19mi
234 N Addison St Indianapolis, IN	3.0	2.0	1892	$1,900	$1.00	44d	1	1.23mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	44d	1	1.25mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1540	$1,199	$0.78	24d	1	1.31mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	11d	1	1.31mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	20d	5	1.32mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	2d	1	1.42mi
2952 W New York St Indianapolis, IN	2.0	2.5	1867	$2,000	$1.07	22d	1	1.46mi
2952 W New York St Indianapolis, IN	2.0	2.5	1882	$2,000	$1.06	2d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $150,000 Active 141 DOM
2. 2026-06-17
   days on market $150,000 Active 140 DOM
3. 2026-06-16
   days on market $150,000 Active 139 DOM
4. 2026-06-15
   days on market $150,000 Active 138 DOM
5. 2026-06-13
   days on market $150,000 Active 136 DOM
6. 2026-06-13
   days on market $150,000 Active 135 DOM
7. 2026-06-09
   days on market $150,000 Active 132 DOM
8. 2026-06-08
   days on market $150,000 Active 131 DOM
9. 2026-06-07
   days on market $150,000 Active 130 DOM
10. 2026-06-03
    days on market $150,000 Active 126 DOM
11. 2026-06-02
    days on market $150,000 Active 125 DOM
12. 2026-06-01
    days on market $150,000 Active 124 DOM
13. 2026-05-31
    days on market $150,000 Active 123 DOM
14. 2026-01-26
    listed $150,000 Active 874-char remark

    Show marketing remark (874 chars)

    1845 Wilkins Street, Indianapolis, IN Investment Opportunity with Tenant in Place Overview: This charming single-family home offers a promising investment opportunity in the heart of Indianapolis. With a tenant currently in place, the property provides immediate rental income. Property Features: 3 Bedrooms: 2 Bathrooms: 1 Living Area: Approximately 744 sq ft Lot Size: 6,970 sq ft Year Built: 1948 Heating: Gas Forced Air Parking: Basement: Finished Appliances: Gas Oven, Refrigerator Interior Features: Hardwood Floors, Ceramic Tile in Kitchen Investment Highlights: Tenant in Place: Ensures immediate rental income. Basement: Offers potential for additional living space or storage. Neighborhood: Located in the Fletcher's Highland Park area, the property is situated in a well-established neighborhood with access to local amenities, schools, and public transportation

15. 2025-10-31
    historical
16. 2025-04-24
    listed $150,000 Active
17. 2014-03-05
    historical
18. 2014-03-05
    soldstatus $22,500
19. 2013-12-06
    listed $39,900

ⓘ 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: $2,580 · $215/mo
• Projected year-2 tax: $2,580 · $215/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $20,958
• − Mortgage interest: −$8,402
• − Property taxes: −$2,580
• − Insurance: −$750
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$4,364
• Taxable income: $1,509
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $3,425/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+275.9% since first listed

6 events — show timeline

• 2026-01-26 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2025-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-24 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2014-03-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-03-05 Sold (MLS) $22,500 MIBOR as Distributed by MLS Grid
• 2013-12-06 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2025): $2,580 · +12.0% YoY. Source: county tax records.