1820 Asbury St · Indianapolis city (balance), IN 46203

$114,000

2 bd · 1.0 ba · 750 sqft · SingleFamily public records · 57 Days on market

Built 1950 4,792 sqft lot $152/sqft · 16% below area Est $136k · 16% under

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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 +20.0/30.0
• ARV discount +14.9/15.0
• DSCR +6.3/10.0
• 1% rule +5.4/10.0
• 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 MLS

Welcome home to this charming 3-bedroom, 1-bath bungalow in Indianapolis offering 750 square feet of thoughtfully utilized space and undeniable curb appeal. Relax on the covered front porch or step inside to find a cozy, inviting layout highlighted by a primary bedroom with vaulted ceilings that adds surprising character and openness. The attached one-car garage offers added convenience and storage. Previously a profitable rental, this home presents a great opportunity for investors looking to add to their portfolio, while also serving as an affordable and adorable option for first-time buyers. Cute, practical, and full of potential, this one is a must-see!

Key facts

• Covered front porch
• Vaulted ceilings
• 4,792 sq ft lot

Tags

• COVERED FRONT PORCH
• VAULTED CEILINGS
• ATTACHED ONE-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $788 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

• It's been on market 57 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $114k implies a 262% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,580 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.25%
• DSCR: 1.23
• GRM: 8.0

CMA / ARV

• ARV (median comp): $136,351
• List price: $114,000
• Delta: -16.39%
• 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
1730 S State Ave	0.10mi	2/1.0	704 (-6%)	4mo	$139,999	$199	82
2062 Calhoun St	0.37mi	2/1.0	720 (-4%)	2mo	$149,900	$208	74
1602 Harlan St	0.30mi	2/1.0	808 (+8%)	7mo	$130,000	$161	67
2317 Saint Paul St	0.63mi	2/1.0	748 (-0%)	8mo	$142,500	$191	64
2350 E Legrande Ave	0.51mi	2/1.0	725 (-3%)	8mo	$134,050	$185	64
2005 Reformers Ave	0.25mi	3/1.0 (+1)	816 (+9%)	9mo	$154,900	$190	61
2329 Saint Paul St	0.65mi	2/1.0	672 (-10%)	3mo	$86,000	$128	50
2237 Villa Ave	0.50mi	3/1.0 (+1)	846 (+13%)	1mo	$175,000	$207	50
1118 Churchman Ave	0.67mi	2/2.0	812 (+8%)	7mo	$244,000	$300	45
1418 Finley Ave	0.73mi	2/1.0	844 (+12%)	1mo	$55,000	$65	44
1610 Ringgold Ave	0.72mi	2/1.0	850 (+13%)	1mo	$164,000	$193	43
1431 Finley Ave	0.74mi	2/1.0	858 (+14%)	3mo	$75,000	$87	38

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-9,706
• Equity at exit: $16,998

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $2,499
• Equity at exit: $9,857

Cash invested: $31,920 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,183 high
• Mortgage (P&I): −$598
• Tax from tax record: −$149 /mo · $1,792/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $140

Break-even live

Break-even rent $1,006

Max offer price $114,000

Occupancy floor 83%

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	15d	1	0.10mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	18d	1	0.17mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.17mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	44d	1	0.18mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.23mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	24d	1	0.25mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	24d	1	0.27mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	0.33mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	8d	1	0.34mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	44d	1	0.37mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	8d	1	0.41mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	11d	1	0.49mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.49mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	24d	1	0.52mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.67mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	44d	1	0.70mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	44d	1	0.70mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	0.71mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	0.71mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.71mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	0.72mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	24d	1	0.72mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.74mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.74mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	16d	1	0.75mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	44d	1	0.75mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	44d	1	0.76mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	2d	8	0.77mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	44d	1	0.78mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	12d	1	0.79mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	44d	1	0.79mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.80mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	0.83mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	44d	1	0.83mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	18d	1	0.86mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	44d	1	0.86mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	4d	1	0.87mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	0.88mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.88mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	24d	1	0.90mi

Listing history 26 events

1. 2026-06-18
   days on market $114,000 Active 57 DOM
2. 2026-06-17
   days on market $114,000 Active 56 DOM
3. 2026-06-16
   days on market $114,000 Active 55 DOM
4. 2026-06-15
   days on market $114,000 Active 54 DOM
5. 2026-06-13
   days on market $114,000 Active 52 DOM
6. 2026-06-13
   days on market $114,000 Active 51 DOM
7. 2026-06-09
   days on market $114,000 Active 48 DOM
8. 2026-06-08
   days on market $114,000 Active 47 DOM
9. 2026-06-07
   days on market $114,000 Active 46 DOM
10. 2026-06-03
    days on market $114,000 Active 42 DOM
11. 2026-06-02
    days on market $114,000 Active 41 DOM
12. 2026-06-01
    days on market $114,000 Active 40 DOM
13. 2026-05-31
    days on market $114,000 Active 39 DOM
14. 2026-05-07
    price $114,000 665-char remark

    Show marketing remark (665 chars)

    Welcome home to this charming 3-bedroom, 1-bath bungalow in Indianapolis offering 750 square feet of thoughtfully utilized space and undeniable curb appeal. Relax on the covered front porch or step inside to find a cozy, inviting layout highlighted by a primary bedroom with vaulted ceilings that adds surprising character and openness. The attached one-car garage offers added convenience and storage. Previously a profitable rental, this home presents a great opportunity for investors looking to add to their portfolio, while also serving as an affordable and adorable option for first-time buyers. Cute, practical, and full of potential, this one is a must-see!

15. 2026-04-22
    listed $120,000 Active 665-char remark

    Show marketing remark (665 chars)

    Welcome home to this charming 3-bedroom, 1-bath bungalow in Indianapolis offering 750 square feet of thoughtfully utilized space and undeniable curb appeal. Relax on the covered front porch or step inside to find a cozy, inviting layout highlighted by a primary bedroom with vaulted ceilings that adds surprising character and openness. The attached one-car garage offers added convenience and storage. Previously a profitable rental, this home presents a great opportunity for investors looking to add to their portfolio, while also serving as an affordable and adorable option for first-time buyers. Cute, practical, and full of potential, this one is a must-see!

16. 2025-11-27
    historical $850
17. 2025-11-22
    listed $850
18. 2024-08-19
    historical $795
19. 2024-07-26
    listed $795
20. 2019-03-01
    soldstatus $31,500 Sold 51-char remark

    Show marketing remark (51 chars)

    Perfect investment property right before your eyes!

21. 2019-02-26
    status Pending 51-char remark

    Show marketing remark (51 chars)

    Perfect investment property right before your eyes!

22. 2019-02-05
    price $39,900 51-char remark

    Show marketing remark (51 chars)

    Perfect investment property right before your eyes!

23. 2018-12-26
    price $44,900 51-char remark

    Show marketing remark (51 chars)

    Perfect investment property right before your eyes!

24. 2018-11-16
    listed $49,900 Active 51-char remark

    Show marketing remark (51 chars)

    Perfect investment property right before your eyes!

25. 2008-11-25
    historical
26. 2008-07-08
    listed $32,000

ⓘ 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: $1,792 · $149/mo
• Projected year-2 tax: $1,792 · $149/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: $14,191
• − Mortgage interest: −$6,386
• − Property taxes: −$1,792
• − Insurance: −$570
• − Repairs & maintenance: −$1,135
• − Management: −$1,135
• − Depreciation: −$3,316
• Taxable loss: −$144
• Est. tax savings @ 24.0%: +$35
• After-tax cash flow: $1,709/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

+256.2% since first listed

13 events — show timeline

• 2026-05-07 Price Changed $114,000 MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2025-11-27 Rental Removed $850 SHOWMOJO
• 2025-11-22 Listed for Rent $850 SHOWMOJO
• 2024-08-19 Rental Removed $795 SHOWMOJO
• 2024-07-26 Listed for Rent $795 SHOWMOJO
• 2019-03-01 Sold (MLS) $31,500 MIBOR as Distributed by MLS Grid
• 2019-02-26 Pending — MIBOR as Distributed by MLS Grid
• 2019-02-05 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2018-12-26 Price Changed $44,900 MIBOR as Distributed by MLS Grid
• 2018-11-16 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2008-11-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-07-08 Listed $32,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2025): $1,792 · +8.4% YoY. Source: county tax records.