1846 Olive St · Indianapolis city (balance), IN 46203

$150,000

3 bd · 1.0 ba · 1,185 sqft · MultiFamily public records · 300 Days on market

Built 1924 4,617 sqft lot $127/sqft · 27% above area Est $238k · 37% 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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice investment property potential! Inside needs remodeling as was burned in fire. The inside is down to the studs. Needs plumbing, electrical, insulation & dry wall.

Key facts

• 4,617 sq ft lot
• Built 1924
• Listed 299 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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); 499 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/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 $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.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $75k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $150k implies a 582% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 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 1924 — 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 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: 1.06% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (median comp): $238,272
• List price: $150,000
• Delta: -37.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1545 E Legrande Ave	0.43mi	2/2.0 (-1)	1,268 (+7%)	6mo	$69,900	$55	54
1201 Finley Ave	0.69mi	3/1.0	1,100 (-7%)	6mo	$320,500	$291	51
1727 S Randolph St	0.64mi	2/2.0 (-1)	1,232 (+4%)	6mo	$165,000	$134	50
818 E Beecher St	0.34mi	2/2.0 (-1)	1,288 (+9%)	16mo	$165,000	$128	47
257 E Minnesota St	0.72mi	2/2.0 (-1)	1,254 (+6%)	12mo	$65,000	$52	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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-6,712
• Equity at exit: $22,365

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $16,243
• Equity at exit: $12,969

Cash invested: $42,000 (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: 499
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,596 high
• Mortgage (P&I): −$787
• Tax from tax record: −$132 /mo · $1,585/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $279

Break-even live

Break-even rent $1,242

Max offer price $150,000

Occupancy floor 77%

Sensitivity live

Price	-10% $364	-5% $322	+0% $279	+5% $237	+10% $195
Rent	-10% $153	-5% $216	+0% $279	+5% $342	+10% $405
Rate	-1.0pp $355	-0.5pp $318	base $279	+0.5pp $241	+1.0pp $201

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	0.11mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.23mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.26mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.26mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	44d	1	0.30mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	24d	1	0.30mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.32mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.37mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.39mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.42mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.43mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	0.43mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	0.43mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.44mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	15d	1	0.44mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	24d	1	0.45mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.45mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	44d	1	0.46mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	0.46mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	18d	1	0.49mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.50mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	0.51mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.54mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	24d	1	0.55mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	24d	1	0.57mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.57mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	18d	1	0.58mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	15d	1	0.58mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	11d	1	0.59mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.59mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.59mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	24d	1	0.61mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.61mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.62mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	4d	1	0.63mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	8d	1	0.63mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	23d	1	0.64mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	0.66mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.66mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	0.66mi

Listing history 20 events

1. 2026-06-21
   days on market $150,000 Active 300 DOM
2. 2026-06-18
   days on market $150,000 Active 297 DOM
3. 2026-06-17
   days on market $150,000 Active 296 DOM
4. 2026-06-16
   days on market $150,000 Active 295 DOM
5. 2026-06-15
   days on market $150,000 Active 294 DOM
6. 2026-06-13
   days on market $150,000 Active 292 DOM
7. 2026-06-13
   days on market $150,000 Active 291 DOM
8. 2026-06-09
   days on market $150,000 Active 288 DOM
9. 2026-06-08
   days on market $150,000 Active 287 DOM
10. 2026-06-07
    days on market $150,000 Active 286 DOM
11. 2026-06-03
    days on market $150,000 Active 282 DOM
12. 2026-06-02
    days on market $150,000 Active 281 DOM
13. 2026-06-01
    days on market $150,000 Active 280 DOM
14. 2026-05-31
    days on market $150,000 Active 279 DOM
15. 2025-10-29
    price $150,000 172-char remark

    Show marketing remark (172 chars)

    Nice investment property potential! Inside needs remodeling as was burned in fire. The inside is down to the studs. Needs plumbing, electrical, insulation & dry wall.

16. 2025-10-22
    price $195,000 172-char remark

    Show marketing remark (172 chars)

    Nice investment property potential! Inside needs remodeling as was burned in fire. The inside is down to the studs. Needs plumbing, electrical, insulation & dry wall.

17. 2025-08-25
    listed $225,000 Active 172-char remark

    Show marketing remark (172 chars)

    Nice investment property potential! Inside needs remodeling as was burned in fire. The inside is down to the studs. Needs plumbing, electrical, insulation & dry wall.

18. 2004-03-04
    soldstatus $22,000 308-char remark

    Show marketing remark (308 chars)

    Bank Owned offer as is, MLS information not guaranteed. Agents: all extra response time. Agents: all offers must be accompanied with a prequalification letter or proof of funds. Earnest money must be casher ck or certif ied ck. Agents: Possilbe mold, take precautions for your safety and your clients safety.

19. 2004-02-06
    listed $22,000 308-char remark

    Show marketing remark (308 chars)

    Bank Owned offer as is, MLS information not guaranteed. Agents: all extra response time. Agents: all offers must be accompanied with a prequalification letter or proof of funds. Earnest money must be casher ck or certif ied ck. Agents: Possilbe mold, take precautions for your safety and your clients safety.

20. 2002-03-27
    soldstatus $80,830

ⓘ 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: $1,585 · $132/mo
• Projected year-2 tax: $1,585 · $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 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: $19,148
• − Mortgage interest: −$8,402
• − Property taxes: −$1,585
• − Insurance: −$750
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$4,364
• Taxable income: $984
• Est. tax owed @ 24.0%: −$236
• After-tax cash flow: $3,117/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

+85.6% since first listed

6 events — show timeline

• 2025-10-29 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2025-10-22 Price Changed $195,000 MIBOR as Distributed by MLS Grid
• 2025-08-25 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2004-03-04 Sold (MLS) $22,000 MIBOR as Distributed by MLS Grid
• 2004-02-06 Listed $22,000 MIBOR as Distributed by MLS Grid
• 2002-03-27 Sold (Public Records) $80,830 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,585 · -19.3% YoY. Source: county tax records.