1502 Comer Ave · Indianapolis city (balance), IN 46203

$104,000

2 bd · 1.0 ba · 824 sqft · SingleFamily public records · 1 Days on market

Built 1940 5,184 sqft lot Est $108k · at est.

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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 +21.1/30.0
• ARV discount +9.1/15.0
• DSCR +6.7/10.0
• 1% rule +6.2/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Listed and sold

Key facts

• 5,184 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $104k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).
• Cap rate 8.0% 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 (+2.9%/yr); 493 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $719 of loan paydown is wiped out by about $3k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.12% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $107,944
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1418 Finley Ave	0.14mi	2/1.0	844 (+2%)	1mo	$55,000	$65	88
1431 Finley Ave	0.11mi	2/1.0	858 (+4%)	3mo	$75,000	$87	85
1637 Hoefgen St	0.18mi	2/1.0	780 (-5%)	4mo	$90,000	$115	79
1120 Bacon St	0.72mi	2/1.0	832 (+1%)	2mo	$103,950	$125	63
2237 Villa Ave	0.62mi	3/1.0 (+1)	846 (+3%)	1mo	$175,000	$207	61
2876 Tindall St	0.51mi	2/1.0	912 (+11%)	1mo	$75,000	$82	57
1517 E Kelly St	0.30mi	3/2.0 (+1)	912 (+11%)	4mo	$167,500	$184	56
2343 Saint Peter St	0.71mi	3/1.0 (+1)	864 (+5%)	3mo	$113,000	$131	51
2343 Cameron St	0.75mi	2/1.0	768 (-7%)	3mo	$150,000	$195	51
1018 Albany St	0.64mi	2/1.5	720 (-13%)	0mo	$185,000	$257	47
2541 Saint Peter St	0.69mi	3/1.0 (+1)	910 (+10%)	2mo	$115,000	$126	44
3033 Asbury St	0.72mi	3/1.0 (+1)	912 (+11%)	0mo	$139,900	$153	43

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.74×
• Total profit: $-7,445
• Equity at exit: $15,507

10-year hold

• IRR: 2.6%
• Equity multiple: 1.18×
• Total profit: $5,376
• Equity at exit: $8,992

Cash invested: $29,120 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,166 high
• Mortgage (P&I): −$545
• Tax from tax record: −$184 /mo · $2,202/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $149

Break-even live

Break-even rent $978

Max offer price $104,000

Occupancy floor 82%

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: $26,000
• Closing costs: $3,120
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	43d	1	0.17mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	43d	1	0.20mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	2d	1	0.29mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	43d	1	0.29mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	23d	1	0.29mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	0.35mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	10d	1	0.37mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	17d	1	0.37mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	21d	1	0.38mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	23d	1	0.40mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	7d	1	0.47mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	10d	1	0.47mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	23d	1	0.47mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	23d	1	0.59mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	43d	1	0.62mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	13d	1	0.72mi
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	7d	1	0.80mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	7d	1	0.81mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	43d	1	0.84mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	43d	1	0.89mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	14d	1	0.90mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$895	$0.83	3d	3	0.90mi
2830 S East St Indianapolis, IN	2.0	1.0	656	$1,200	$1.83	43d	1	0.91mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	20d	1	0.94mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	23d	1	0.95mi
272 Hoefgen St Unit 1336809P Indianapolis, IN	2.0	1.0	592	$2,055	$3.47	1d	1	0.95mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	2d	2	0.96mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	43d	1	0.99mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	17d	1	1.01mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	43d	1	1.02mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	1.02mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	23d	1	1.03mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	19d	1	1.04mi
2236 Ransdell St Indianapolis, IN	2.0	1.0	850	$1,150	$1.35	43d	1	1.04mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	43d	1	1.05mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	23d	1	1.07mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	7d	1	1.07mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	43d	1	1.08mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	23d	1	1.12mi
3206 S Temple Ave Indianapolis, IN	2.0	1.0	784	$1,080	$1.38	23d	1	1.15mi

Listing history 2 events

1. 2026-04-27
   status Pending
2. 2026-04-27
   listed $104,000 Active

ⓘ 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: $2,202 · $184/mo
• Projected year-2 tax: $2,202 · $184/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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,995
• − Mortgage interest: −$5,826
• − Property taxes: −$2,202
• − Insurance: −$520
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$3,025
• Taxable income: $183
• Est. tax owed @ 24.0%: −$44
• After-tax cash flow: $1,746/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

2 events — show timeline

• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $104,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.1%/yr

Latest (2025): $2,202 · +12.5% YoY. Source: county tax records.