1820 N Warman Ave · Indianapolis city (balance), IN 46222

$84,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 3 Days on market

Built 1940 4,661 sqft lot Est $120k · 29% under

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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 +8.9/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom, 1-bath bungalow offering easy single-level living! This home features vinyl windows, aluminum siding, and 759 sq. ft. of functional living space. The former garage has been converted into a workshop, providing extra space for hobbies, projects, or storage. With its practical layout and great potential, this property is an excellent opportunity for first-time buyers, downsizers, or investors. Schedule your showing today!

Key facts

• Vinyl windows
• Converted workshop
• Aluminum siding

Tags

• VINYL WINDOWS
• ALUMINUM SIDING
• CONVERTED WORKSHOP

Property features AI

Exterior

• Parking: Approximately 240 sq ft garage
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Aluminum and vinyl siding; Block foundation (full)
• Exterior features: Lot size approximately 0.11 acre (< 1/4 acre)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Hardwood floors; Woodwork stained/painted; Has basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 11.9% 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 rising (+2.5%/yr); 170 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 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 $587 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 + 2.5% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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.

Risks & watch-outs

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

Recommended offer $84,900

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: 1.39% ✓
• Cap rate: 11.94%
• Cash-on-cash: 20.16%
• DSCR: 1.90
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $120,288
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1842 W Kessler Blvd Dr N	0.27mi	2/1.0	693 (+3%)	13mo	$82,000	$118	71
2225 N Centennial St	0.53mi	2/1.0	725 (+8%)	2mo	$140,000	$193	61
1169 N Goodlet Ave	0.54mi	2/1.0	725 (+8%)	5mo	$129,000	$178	58
1209 N Centennial St	0.55mi	2/1.0	732 (+9%)	3mo	$140,000	$191	57
2257 N Goodlet Ave	0.56mi	2/1.0	725 (+8%)	5mo	$140,000	$193	56
2245 N Goodlet Ave	0.54mi	2/1.0	725 (+8%)	8mo	$97,500	$134	55
2305 N Goodlet Ave	0.61mi	2/1.0	725 (+8%)	4mo	$143,000	$197	54
3322 W 22nd St	0.55mi	2/1.0	725 (+8%)	12mo	$139,000	$192	51
1623 N Centennial St	0.37mi	2/2.0	760 (+13%)	10mo	$110,000	$145	48
2261 N Centennial St	0.60mi	2/1.0	725 (+8%)	14mo	$130,000	$179	48
1700 N Tibbs Ave	0.51mi	2/1.0	750 (+12%)	12mo	$125,000	$167	47
1220 N Tibbs Ave	0.63mi	2/1.0	750 (+12%)	19mo	$82,000	$109	35

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.46×
• Total profit: $11,024
• Equity at exit: $12,659

10-year hold

• IRR: 20.3%
• Equity multiple: 2.67×
• Total profit: $39,700
• Equity at exit: $7,341

Cash invested: $23,772 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,179 high
• Mortgage (P&I): −$445
• Tax from tax record: −$51 /mo · $618/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $399

Break-even live

Break-even rent $674

Max offer price $84,900

Occupancy floor 61%

Sensitivity live

Price	-10% $447	-5% $423	+0% $399	+5% $375	+10% $351
Rent	-10% $306	-5% $353	+0% $399	+5% $446	+10% $492
Rate	-1.0pp $442	-0.5pp $421	base $399	+0.5pp $377	+1.0pp $355

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.51mi
1165 N Concord St Indianapolis, IN	1.0	1.0	695	$775	$1.12	44d	1	0.52mi
2774 Pixel DR Indianapolis, IN	1.0	1.0	750	$1,100	$1.47	44d	1	0.61mi
2014 N Exeter Ave Indianapolis, IN	2.0	1.0	660	$1,295	$1.96	8d	1	0.74mi
2418 N Centennial St Indianapolis, IN	2.0	1.0	725	$1,099	$1.52	44d	1	0.76mi
3621 Lawnview Ln Indianapolis, IN	1.0–4.0	1.0–1.5	1012	$1,026	$1.01	2d	13	0.86mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	20d	1	0.88mi
1510 Stadium Way Unit 220 Indianapolis, IN	1.0	1.0	665	$1,365	$2.05	8d	1	0.98mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	1.02mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	1.20mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	1.31mi
2930 Lafayette Rd Indianapolis, IN	2.0	1.0	642	$1,108	$1.72	2d	5	1.35mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	1.46mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	2d	36	1.50mi

Listing history 5 events

1. 2026-06-19
   status $84,900 Pending 3 DOM
2. 2026-06-18
   days on market $84,900 Active 3 DOM
3. 2026-06-17
   days on market $84,900 Active 2 DOM
4. 2026-06-16
   remarks 443-char remark
5. 2026-06-16
   listed $84,900 Active 1 DOM

ⓘ 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: $618 · $51/mo
• Projected year-2 tax: $670 · $56/mo
• Expected delta: +$52/yr (+$4/mo · 8.4%)

ⓘ 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 ≥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: $14,148
• − Mortgage interest: −$4,756
• − Property taxes: −$618
• − Insurance: −$424
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$2,470
• Taxable income: $3,617
• Est. tax owed @ 24.0%: −$868
• After-tax cash flow: $3,924/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+112.8% since first listed

9 events — show timeline

• 2026-06-15 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2017-04-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-03-01 Price Changed $45,500 MIBOR as Distributed by MLS Grid
• 2017-01-21 Price Changed $46,500 MIBOR as Distributed by MLS Grid
• 2016-10-29 Listed $47,000 MIBOR as Distributed by MLS Grid
• 2008-05-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-11-05 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2004-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-20 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

-0.6%/yr

Latest (2025): $618 · +3.6% YoY. Source: county tax records.