1529 Hiatt St · Indianapolis city (balance), IN 46221

$169,900

2 bd · 4.0 ba · 812 sqft · MultiFamily public records · 46 Days on market

Built 1912 5,314 sqft lot $209/sqft · 121% above area Est $153k · 11% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +2.9/5.0
• ARV discount +2.7/15.0
• 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

Situated at 1529 Hiatt St. this distinctive 2 bed, 1 bath duplex presents an inviting home ready for immediate occupancy. Add to your portfolio as an investment property or live on one side to "house hack". This home is tastefully updated on both sides and was previously rented at $850/month. All utilities are split and there is plenty of off-street parking around back. The location is perfect with easy highway access and a short 8-9 minute drive to downtown, Lucas Oil Stadium, or the Indianapolis Zoo.

Key facts

• Easy highway access
• Off-street parking
• 5,314 sq ft lot

Tags

• OFF-STREET PARKING
• EASY HIGHWAY ACCESS
• SHORT DRIVE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+1.8%/yr); 43 active listings in the ZIP; 9 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).
• This rent runs 43% 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 $5k 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 + 1.8% rent growth), your $48k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y 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 $105k; list at $170k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1912 — 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: 1.37% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $153,486
• List price: $169,900
• Delta: 10.69%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1229 S Belmont Ave	0.39mi	3/3.0 (+1)	858 (+6%)	4mo	$98,000	$114	60

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: 6.6%
• Equity multiple: 1.25×
• Total profit: $12,128
• Equity at exit: $25,333

10-year hold

• IRR: 14.9%
• Equity multiple: 2.14×
• Total profit: $54,124
• Equity at exit: $14,690

Cash invested: $47,572 (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: 12.2×

Monthly cashflow live

• Estimated rent: $2,323 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$207 /mo · $2,488/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $666

Break-even live

Break-even rent $1,480

Max offer price $169,900

Occupancy floor 66%

Sensitivity live

Price	-10% $762	-5% $714	+0% $666	+5% $618	+10% $570
Rent	-10% $483	-5% $574	+0% $666	+5% $758	+10% $850
Rate	-1.0pp $752	-0.5pp $709	base $666	+0.5pp $622	+1.0pp $577

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,322
Total (2 units)			$2,323

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	4d	1	0.28mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	4d	1	0.36mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.43mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	15d	2	0.45mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	8d	1	0.46mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	22d	1	0.47mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.66mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.83mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	1.49mi

Listing history 30 events

1. 2026-06-17
   status $169,900 Pending 46 DOM
2. 2026-06-16
   days on market $169,900 Active 46 DOM
3. 2026-06-15
   days on market $169,900 Active 45 DOM
4. 2026-06-13
   days on market $169,900 Active 43 DOM
5. 2026-06-13
   days on market $169,900 Active 42 DOM
6. 2026-06-09
   days on market $169,900 Active 39 DOM
7. 2026-06-08
   days on market $169,900 Active 38 DOM
8. 2026-06-07
   days on market $169,900 Active 37 DOM
9. 2026-06-03
   days on market $169,900 Active 33 DOM
10. 2026-06-02
    status $169,900 Active 32 DOM
11. 2026-05-04
    status Pending 517-char remark

    Show marketing remark (517 chars)

    Situated at 1529 Hiatt St. this distinctive 2 bed, 1 bath duplex presents an inviting home ready for immediate occupancy. Add to your portfolio as an investment property or live on one side to "house hack". This home is tastefully updated on both sides and was previously rented at $850/month. All utilities are split and there is plenty of off-street parking around back. The location is perfect with easy highway access and a short 8-9 minute drive to downtown, Lucas Oil Stadium, or the Indianapolis Zoo.

12. 2026-04-10
    price $169,900 517-char remark

    Show marketing remark (517 chars)

    Situated at 1529 Hiatt St. this distinctive 2 bed, 1 bath duplex presents an inviting home ready for immediate occupancy. Add to your portfolio as an investment property or live on one side to "house hack". This home is tastefully updated on both sides and was previously rented at $850/month. All utilities are split and there is plenty of off-street parking around back. The location is perfect with easy highway access and a short 8-9 minute drive to downtown, Lucas Oil Stadium, or the Indianapolis Zoo.

13. 2026-04-01
    listed $174,900 Active 517-char remark

    Show marketing remark (517 chars)

    Situated at 1529 Hiatt St. this distinctive 2 bed, 1 bath duplex presents an inviting home ready for immediate occupancy. Add to your portfolio as an investment property or live on one side to "house hack". This home is tastefully updated on both sides and was previously rented at $850/month. All utilities are split and there is plenty of off-street parking around back. The location is perfect with easy highway access and a short 8-9 minute drive to downtown, Lucas Oil Stadium, or the Indianapolis Zoo.

14. 2021-07-23
    soldstatus $104,975 Closed 346-char remark

    Show marketing remark (346 chars)

    Attention all Investors! Great cash flowing duplex with previous tenants paying $700 per month in rents per side. This property is located in West Indianapolis close to Rhodius Park, the Lilly Technology Center and Lilly Recreation Park. The duplex has been fully renovated and ready for tenants to move in and start earning you great cash flows.

15. 2021-06-03
    status Pending 346-char remark

    Show marketing remark (346 chars)

    Attention all Investors! Great cash flowing duplex with previous tenants paying $700 per month in rents per side. This property is located in West Indianapolis close to Rhodius Park, the Lilly Technology Center and Lilly Recreation Park. The duplex has been fully renovated and ready for tenants to move in and start earning you great cash flows.

16. 2021-06-01
    listed $110,000 Active 346-char remark

    Show marketing remark (346 chars)

    Attention all Investors! Great cash flowing duplex with previous tenants paying $700 per month in rents per side. This property is located in West Indianapolis close to Rhodius Park, the Lilly Technology Center and Lilly Recreation Park. The duplex has been fully renovated and ready for tenants to move in and start earning you great cash flows.

17. 2020-03-19
    soldstatus $55,000 Sold
18. 2020-03-10
    status Pending
19. 2020-02-27
    price $60,000
20. 2020-02-27
    status Active
21. 2020-02-19
    status Pending
22. 2019-11-18
    listed $67,000 Active
23. 2018-12-10
    soldstatus $48,000 Sold
24. 2018-11-21
    status Pending
25. 2018-10-05
    price $57,400
26. 2018-09-28
    listed $57,900 Active
27. 2018-09-28
    historical
28. 2018-09-18
    listed $57,900 Active
29. 2009-07-04
    historical
30. 2009-04-28
    listed $30,000

ⓘ 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: $2,488 · $207/mo
• Projected year-2 tax: $2,488 · $207/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,876
• − Mortgage interest: −$9,517
• − Property taxes: −$2,488
• − Insurance: −$850
• − Repairs & maintenance: −$2,230
• − Management: −$2,230
• − Depreciation: −$4,943
• Taxable income: $5,619
• Est. tax owed @ 24.0%: −$1,348
• After-tax cash flow: $6,644/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

+466.3% since first listed

20 events — show timeline

• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-10 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2021-07-23 Sold (MLS) $104,975 MIBOR as Distributed by MLS Grid
• 2021-06-03 Pending — MIBOR as Distributed by MLS Grid
• 2021-06-01 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2020-03-19 Sold (MLS) $55,000 MIBOR as Distributed by MLS Grid
• 2020-03-10 Pending — MIBOR as Distributed by MLS Grid
• 2020-02-27 Price Changed $60,000 MIBOR as Distributed by MLS Grid
• 2020-02-27 Relisted — MIBOR as Distributed by MLS Grid
• 2020-02-19 Pending — MIBOR as Distributed by MLS Grid
• 2019-11-18 Listed $67,000 MIBOR as Distributed by MLS Grid
• 2018-12-10 Sold (MLS) $48,000 MIBOR as Distributed by MLS Grid
• 2018-11-21 Pending — MIBOR as Distributed by MLS Grid
• 2018-10-05 Price Changed $57,400 MIBOR as Distributed by MLS Grid
• 2018-09-28 Listed $57,900 MIBOR as Distributed by MLS Grid
• 2018-09-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-09-18 Listed $57,900 MIBOR as Distributed by MLS Grid
• 2009-07-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-04-28 Listed $30,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.8%/yr

Latest (2025): $2,488 · +10.5% YoY. Source: county tax records.