4009 E 31st St · Indianapolis city (balance), IN 46218

$89,900

2 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 141 Days on market

Built 1921 4,530 sqft lot $85/sqft · 8% above area Est $117k · 23% under ↓ 18% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming cottage welcomes you with warmth and a comfortable, lived-in feel the moment you step inside. The layout flows easily from room to room, making everyday living feel simple and relaxed. If you've been looking for a home with character and a practical floor plan, this one is definitely worth a visit. Built in 1921, this single-level SFR offers 1,056 square feet with a vinyl exterior and classic cottage style. The home features 3 bedrooms and 1 full bath, providing flexible space for a variety of needs. While there is no garage, convenient street parking is available. With its timeless appeal and functional layout, this home offers a great opportunity to enjoy cottage living at a comfortable scale.

Key facts

• 4,530 sq ft lot
• Built 1921
• Listed 141 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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.
• Market conditions: Rents flat; 336 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 40% of the median local income ($38k/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 $622 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.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,112 (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 1921 — 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: 1.42% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.57%
• DSCR: 1.78
• GRM: 5.9

CMA / ARV

• ARV (median comp): $117,369
• List price: $89,900
• Delta: -23.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3126 Forest Manor Ave	0.07mi	2/1.0	954 (-10%)	4mo	$55,000	$58	77
3148 N Gale St	0.42mi	3/1.0 (+1)	1,068 (+1%)	3mo	$116,000	$109	71
3814 E 31st St	0.15mi	2/1.0	899 (-15%)	1mo	$108,500	$121	67
3239 N Colorado Ave	0.37mi	3/1.0 (+1)	1,104 (+4%)	4mo	$149,500	$135	67
3119 N Dequincy St	0.62mi	2/1.0	1,079 (+2%)	3mo	$95,000	$88	65
4315 E 30th	0.24mi	3/1.0 (+1)	1,176 (+11%)	0mo	$66,500	$57	65
3142 N Gale St	0.42mi	3/1.0 (+1)	1,104 (+4%)	7mo	$70,000	$63	62
3161 N Gale St	0.41mi	2/1.0	960 (-9%)	7mo	$110,000	$115	60
3219 N Colorado Ave	0.34mi	3/1.0 (+1)	912 (-14%)	4mo	$139,900	$153	53
4850 E 34th St	0.75mi	2/1.0	1,125 (+6%)	5mo	$95,000	$84	50
4723 Munter Ln	0.47mi	3/1.0 (+1)	1,200 (+14%)	4mo	$75,000	$63	46
3132 Wallace Ave	0.54mi	3/1.0 (+1)	1,200 (+14%)	4mo	$100,000	$83	44

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $6,184
• Equity at exit: $13,404

10-year hold

• IRR: 13.8%
• Equity multiple: 1.99×
• Total profit: $24,918
• Equity at exit: $7,773

Cash invested: $25,172 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 336
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$471
• Tax from tax record: −$132 /mo · $1,586/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $369

Break-even live

Break-even rent $812

Max offer price $89,900

Occupancy floor 66%

Sensitivity live

Price	-10% $419	-5% $394	+0% $369	+5% $343	+10% $318
Rent	-10% $268	-5% $318	+0% $369	+5% $419	+10% $470
Rate	-1.0pp $414	-0.5pp $391	base $369	+0.5pp $345	+1.0pp $322

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	8d	1	0.07mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	5d	1	0.07mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	44d	1	0.17mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	24d	1	0.18mi
4320 E 30th St Indianapolis, IN	3.0	1.5	1152	$1,195	$1.04	24d	1	0.23mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	0.23mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	0.31mi
2826 Station St Indianapolis, IN	3.0	2.0	1248	$1,550	$1.24	44d	1	0.37mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	0.41mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	0.50mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	15d	1	0.50mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	24d	1	0.52mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	44d	1	0.56mi
2827 Adams St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	0.62mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	0.65mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	18d	1	0.66mi
3449 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	0.66mi
3451 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,650	$1.38	44d	1	0.66mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	17d	1	0.68mi
2830 Lasalle St Unit 28 Indianapolis, IN	2.0	1.0	1400	$1,100	$0.79	44d	1	0.69mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.79mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	44d	1	0.80mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	11d	1	0.81mi
2221 Station St Indianapolis, IN	3.0	2.5	1312	$1,600	$1.22	24d	1	0.83mi
2343 E Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	44d	1	0.87mi
2341 Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	44d	1	0.87mi
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	44d	1	0.88mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	0.90mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	5d	1	0.92mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	20d	1	0.93mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	1.02mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	8d	1	1.03mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	1.09mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	1.09mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	24d	1	1.10mi
2931 N Tacoma Ave Unit 31 Indianapolis, IN	2.0	1.0	800	$950	$1.19	8d	1	1.12mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	5d	1	1.13mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	1.15mi
2530 N Temple Ave Indianapolis, IN	1.0	1.0	720	$750	$1.04	21d	1	1.18mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	24d	1	1.26mi

Listing history 3 events

1. 2026-03-27
   price $89,900 721-char remark

   Show marketing remark (721 chars)

   This charming cottage welcomes you with warmth and a comfortable, lived-in feel the moment you step inside. The layout flows easily from room to room, making everyday living feel simple and relaxed. If you've been looking for a home with character and a practical floor plan, this one is definitely worth a visit. Built in 1921, this single-level SFR offers 1,056 square feet with a vinyl exterior and classic cottage style. The home features 3 bedrooms and 1 full bath, providing flexible space for a variety of needs. While there is no garage, convenient street parking is available. With its timeless appeal and functional layout, this home offers a great opportunity to enjoy cottage living at a comfortable scale.

2. 2026-02-23
   price $99,900 721-char remark

   Show marketing remark (721 chars)

   This charming cottage welcomes you with warmth and a comfortable, lived-in feel the moment you step inside. The layout flows easily from room to room, making everyday living feel simple and relaxed. If you've been looking for a home with character and a practical floor plan, this one is definitely worth a visit. Built in 1921, this single-level SFR offers 1,056 square feet with a vinyl exterior and classic cottage style. The home features 3 bedrooms and 1 full bath, providing flexible space for a variety of needs. While there is no garage, convenient street parking is available. With its timeless appeal and functional layout, this home offers a great opportunity to enjoy cottage living at a comfortable scale.

3. 2026-01-05
   listed $109,900 Active 721-char remark

   Show marketing remark (721 chars)

   This charming cottage welcomes you with warmth and a comfortable, lived-in feel the moment you step inside. The layout flows easily from room to room, making everyday living feel simple and relaxed. If you've been looking for a home with character and a practical floor plan, this one is definitely worth a visit. Built in 1921, this single-level SFR offers 1,056 square feet with a vinyl exterior and classic cottage style. The home features 3 bedrooms and 1 full bath, providing flexible space for a variety of needs. While there is no garage, convenient street parking is available. With its timeless appeal and functional layout, this home offers a great opportunity to enjoy cottage living at a comfortable scale.

ⓘ 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: $1,586 · $132/mo
• Projected year-2 tax: $1,586 · $132/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 3/10 Moderate 7 d/yr ≥101°F today · 18 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: $15,337
• − Mortgage interest: −$5,036
• − Property taxes: −$1,586
• − Insurance: −$450
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$2,615
• Taxable income: $3,196
• Est. tax owed @ 24.0%: −$767
• After-tax cash flow: $3,656/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

-18.2% since first listed

3 events — show timeline

• 2026-03-27 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-02-23 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2026-01-05 Listed $109,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $1,586 · +32.7% YoY. Source: county tax records.