946 W 26th St · Indianapolis city (balance), IN 46208

$139,900

3 bd · 4.0 ba · 912 sqft · MultiFamily public records · 45 Days on market

Built 1910 3,750 sqft lot $153/sqft · 96% above area Est $141k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.9/15.0
• 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

Nice duplex two bedrooms each side. One bedroom one bedroom down. Galley kitchen. There are currently tenants in both sides. Tenants are on month-to-month status. Parking behind the property or on the street. Owners made lots of improvements last couple years. Please do not disturb tenants. Showings will only be done after a purchase agreement has been accepted, with the caveat subject to viewing after agreed to on price. Trying disturb tenants as little as possible. Owner will give $10,000 to replace roof and other minor repairs at closing.

Key facts

• 3,750 sq ft lot
• Built 1910
• Listed 45 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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).
• 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 26d 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 43% of the median local income ($60k/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 $967 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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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 $16k; list at $140k implies a 748% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.55% ✓
• Cap rate: 13.62%
• Cash-on-cash: 26.15%
• DSCR: 2.16
• GRM: 5.4

CMA / ARV

• ARV (median comp): $141,063
• List price: $139,900
• Delta: -0.82%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
906 Burdsal Pkwy	0.20mi	2/2.0 (-1)	936 (+3%)	2mo	$96,000	$103	71
733 W 25th St	0.30mi	2/2.0 (-1)	983 (+8%)	10mo	$109,000	$111	52
1263 W 32nd St	0.75mi	2/1.0 (-1)	832 (-9%)	8mo	$140,000	$168	27
1244-1246 W 30th St	0.58mi	2/2.0 (-1)	1,024 (+12%)	15mo	$137,500	$134	27

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: 23.5%
• Equity multiple: 2.01×
• Total profit: $39,422
• Equity at exit: $20,860

10-year hold

• IRR: 33.4%
• Equity multiple: 4.53×
• Total profit: $138,328
• Equity at exit: $12,096

Cash invested: $39,172 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,170 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$69 /mo · $823/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $854

Break-even live

Break-even rent $1,089

Max offer price $139,900

Occupancy floor 56%

Sensitivity live

Price	-10% $933	-5% $893	+0% $854	+5% $814	+10% $775
Rent	-10% $682	-5% $768	+0% $854	+5% $939	+10% $1,025
Rate	-1.0pp $924	-0.5pp $889	base $854	+0.5pp $818	+1.0pp $781

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,170
Total (2 units)			$2,170

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	6d	1	0.14mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	0d	1	0.14mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	25d	1	0.21mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	25d	1	0.21mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	45d	1	0.42mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	25d	1	0.45mi
1319 W 27th St Indianapolis, IN	2.0	1.0	651	$900	$1.38	14d	1	0.48mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	25d	1	0.48mi
538 W 29th St Unit B Indianapolis, IN	3.0	1.0	1031	$1,349	$1.31	0d	1	0.51mi
524 W 23rd St Unit 2 Indianapolis, IN	2.0	1.0	669	$949	$1.42	0d	1	0.53mi
524 W 23rd St Indianapolis, IN	2.0	1.0	664	$949	$1.43	45d	1	0.53mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	45d	1	0.57mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	25d	1	0.64mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	9d	1	0.64mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	45d	1	0.65mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	25d	1	0.67mi
1457 W 29th St Indianapolis, IN	2.0	1.0	686	$995	$1.45	22d	1	0.71mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	45d	1	0.72mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	25d	1	0.72mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	45d	1	0.74mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	25d	1	0.84mi
1039 W 36th St Indianapolis, IN	2.0	1.0	864	$995	$1.15	45d	1	0.92mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	45d	1	0.92mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	45d	1	0.95mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,325	$1.76	45d	1	0.98mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,275	$1.69	21d	1	0.98mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	45d	1	0.99mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	9d	8	1.14mi
2131 N Meridian St Indianapolis, IN	2.0	1.0	994	$1,455	$1.46	45d	1	1.19mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	45d	1	1.23mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	588	$1,299	$2.21	25d	1	1.26mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	947	$2,557	$2.70	0d	61	1.30mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	1.30mi
1510 Stadium Way Unit Stadium Flats-2203 Indianapolis, IN	2.0	1.0	770	$1,462	$1.90	0d	1	1.32mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$2,404	$2.49	0d	34	1.32mi
1401 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–2.0	1.0	982	$1,875	$1.91	15d	1	1.33mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	45d	3	1.33mi
75 W 18th St Indianapolis, IN	1.0–2.0	1.0–2.0	845	$2,395	$2.83	18d	8	1.35mi
2205 N Delaware St Indianapolis, IN	2.0	1.0–2.0	946	$1,950	$2.06	12d	5	1.35mi
2060 N Delaware St #3 Indianapolis, IN	2.0	1.0	750	$929	$1.24	0d	1	1.35mi

Listing history 24 events

1. 2026-06-21
   days on market $139,900 Active 45 DOM
2. 2026-06-18
   days on market $139,900 Active 42 DOM
3. 2026-06-17
   days on market $139,900 Active 41 DOM
4. 2026-06-16
   days on market $139,900 Active 40 DOM
5. 2026-06-15
   days on market $139,900 Active 39 DOM
6. 2026-06-13
   days on market $139,900 Active 37 DOM
7. 2026-06-13
   days on market $139,900 Active 36 DOM
8. 2026-06-09
   days on market $139,900 Active 33 DOM
9. 2026-06-08
   days on market $139,900 Active 32 DOM
10. 2026-06-07
    statusdays on market $139,900 Active 31 DOM
11. 2026-05-12
    status Pending 547-char remark

    Show marketing remark (547 chars)

    Nice duplex two bedrooms each side. One bedroom one bedroom down. Galley kitchen. There are currently tenants in both sides. Tenants are on month-to-month status. Parking behind the property or on the street. Owners made lots of improvements last couple years. Please do not disturb tenants. Showings will only be done after a purchase agreement has been accepted, with the caveat subject to viewing after agreed to on price. Trying disturb tenants as little as possible. Owner will give $10,000 to replace roof and other minor repairs at closing.

12. 2026-04-20
    status Active 547-char remark

    Show marketing remark (547 chars)

    Nice duplex two bedrooms each side. One bedroom one bedroom down. Galley kitchen. There are currently tenants in both sides. Tenants are on month-to-month status. Parking behind the property or on the street. Owners made lots of improvements last couple years. Please do not disturb tenants. Showings will only be done after a purchase agreement has been accepted, with the caveat subject to viewing after agreed to on price. Trying disturb tenants as little as possible. Owner will give $10,000 to replace roof and other minor repairs at closing.

13. 2026-03-03
    status Pending 547-char remark

    Show marketing remark (547 chars)

    Nice duplex two bedrooms each side. One bedroom one bedroom down. Galley kitchen. There are currently tenants in both sides. Tenants are on month-to-month status. Parking behind the property or on the street. Owners made lots of improvements last couple years. Please do not disturb tenants. Showings will only be done after a purchase agreement has been accepted, with the caveat subject to viewing after agreed to on price. Trying disturb tenants as little as possible. Owner will give $10,000 to replace roof and other minor repairs at closing.

14. 2026-02-25
    listed $139,900 Active 547-char remark

    Show marketing remark (547 chars)

    Nice duplex two bedrooms each side. One bedroom one bedroom down. Galley kitchen. There are currently tenants in both sides. Tenants are on month-to-month status. Parking behind the property or on the street. Owners made lots of improvements last couple years. Please do not disturb tenants. Showings will only be done after a purchase agreement has been accepted, with the caveat subject to viewing after agreed to on price. Trying disturb tenants as little as possible. Owner will give $10,000 to replace roof and other minor repairs at closing.

15. 2025-04-03
    historical
16. 2025-03-31
    status Active
17. 2024-12-05
    status Active
18. 2024-10-01
    status Pending
19. 2024-08-12
    price $119,000
20. 2024-08-06
    status Active
21. 2024-07-10
    status Pending
22. 2024-07-02
    listed $129,900 Active
23. 2002-09-23
    soldstatus $16,500
24. 2002-07-09
    listed $18,000

ⓘ 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: $823 · $69/mo
• Projected year-2 tax: $1,006 · $84/mo
• Expected delta: +$183/yr (+$15/mo · 22.3%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,040
• − Mortgage interest: −$7,837
• − Property taxes: −$823
• − Insurance: −$700
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − Depreciation: −$4,070
• Taxable income: $8,445
• Est. tax owed @ 24.0%: −$2,027
• After-tax cash flow: $8,219/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

+677.2% since first listed

14 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-20 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-25 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2025-04-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-31 Relisted — MIBOR as Distributed by MLS Grid
• 2024-12-05 Relisted — MIBOR as Distributed by MLS Grid
• 2024-10-01 Pending — MIBOR as Distributed by MLS Grid
• 2024-08-12 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2024-08-06 Relisted — MIBOR as Distributed by MLS Grid
• 2024-07-10 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-02 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2002-09-23 Sold (MLS) $16,500 MIBOR as Distributed by MLS Grid
• 2002-07-09 Listed $18,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2025): $823 · -0.5% YoY. Source: county tax records.