1342 Lee St · Indianapolis city (balance), IN 46221

$114,900

2 bd · 2.0 ba · 834 sqft · SingleFamily public records · 69 Days on market

Built 1955 5,227 sqft lot $138/sqft · 10% below area Est $127k · 10% 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 +25.1/30.0
• ARV discount +11.9/15.0
• DSCR +8.2/10.0
• 1% rule +6.2/10.0
• Rent growth +2.9/5.0
• 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 is a fantastic 3 bedroom 2 full bath home! This well-laid-out property features a detached garage, providing added storage and convenience, along with a yard that offers plenty of room for outdoor enjoyment, gardening, pets, or entertaining. Inside, you'll find a practical floor plan with three bedrooms and two full baths, making the home a great fit for a variety of living needs. Whether you are looking for your next home or a solid investment opportunity, this property offers a great combination of value and usability.

Key facts

• Room for pets
• Outdoor enjoyment
• Room for gardening

Tags

• DETACHED GARAGE
• OUTDOOR ENJOYMENT
• ROOM FOR GARDENING
• ROOM FOR PETS
• ROOM FOR ENTERTAINING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 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 $794 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 69 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $32k; list at $115k implies a 254% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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: 1.12% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 7.4

CMA / ARV

• ARV (median comp): $127,235
• List price: $114,900
• Delta: -9.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2110 W Mccarty St	0.65mi	2/1.0	768 (-8%)	7mo	$61,000	$79	46
1623 Oliver Ave	0.71mi	2/1.0	744 (-11%)	11mo	$158,000	$212	36
1909 and 1901 S Pershing Ave	0.61mi	2/1.0	728 (-13%)	15mo	$68,000	$93	34
920 Arbor Ave	0.67mi	3/1.0 (+1)	902 (+8%)	19mo	$140,000	$155	30

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: -3.4%
• Equity multiple: 0.88×
• Total profit: $-4,011
• Equity at exit: $17,132

10-year hold

• IRR: 5.0%
• Equity multiple: 1.35×
• Total profit: $11,113
• Equity at exit: $9,934

Cash invested: $32,172 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,286 high
• Mortgage (P&I): −$603
• Tax from tax record: −$112 /mo · $1,346/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $254

Break-even live

Break-even rent $965

Max offer price $114,900

Occupancy floor 75%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	3d	1	0.02mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.20mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	14d	2	0.29mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	7d	1	0.30mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	22d	1	0.31mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	23d	1	0.40mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	3d	1	0.62mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.79mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	3d	1	1.27mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	23d	1	1.29mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	1.30mi

Listing history 32 events

1. 2026-06-18
   days on market $114,900 Active 69 DOM
2. 2026-06-17
   days on market $114,900 Active 68 DOM
3. 2026-06-16
   days on market $114,900 Active 67 DOM
4. 2026-06-15
   days on market $114,900 Active 66 DOM
5. 2026-06-13
   days on market $114,900 Active 64 DOM
6. 2026-06-13
   days on market $114,900 Active 63 DOM
7. 2026-06-09
   days on market $114,900 Active 60 DOM
8. 2026-06-08
   pricedays on market $114,900 Active 59 DOM
9. 2026-06-07
   days on market $119,900 Active 58 DOM
10. 2026-06-03
    days on market $119,900 Active 54 DOM
11. 2026-06-02
    days on market $119,900 Active 53 DOM
12. 2026-06-01
    days on market $119,900 Active 52 DOM
13. 2026-05-31
    days on market $119,900 Active 51 DOM
14. 2026-05-12
    status Active 535-char remark

    Show marketing remark (535 chars)

    This is a fantastic 3 bedroom 2 full bath home! This well-laid-out property features a detached garage, providing added storage and convenience, along with a yard that offers plenty of room for outdoor enjoyment, gardening, pets, or entertaining. Inside, you'll find a practical floor plan with three bedrooms and two full baths, making the home a great fit for a variety of living needs. Whether you are looking for your next home or a solid investment opportunity, this property offers a great combination of value and usability.

15. 2026-04-27
    status Pending 535-char remark

    Show marketing remark (535 chars)

    This is a fantastic 3 bedroom 2 full bath home! This well-laid-out property features a detached garage, providing added storage and convenience, along with a yard that offers plenty of room for outdoor enjoyment, gardening, pets, or entertaining. Inside, you'll find a practical floor plan with three bedrooms and two full baths, making the home a great fit for a variety of living needs. Whether you are looking for your next home or a solid investment opportunity, this property offers a great combination of value and usability.

16. 2026-03-26
    listed $119,900 Active 535-char remark

    Show marketing remark (535 chars)

    This is a fantastic 3 bedroom 2 full bath home! This well-laid-out property features a detached garage, providing added storage and convenience, along with a yard that offers plenty of room for outdoor enjoyment, gardening, pets, or entertaining. Inside, you'll find a practical floor plan with three bedrooms and two full baths, making the home a great fit for a variety of living needs. Whether you are looking for your next home or a solid investment opportunity, this property offers a great combination of value and usability.

17. 2026-03-04
    historical $1,199
18. 2026-02-06
    listed $1,199
19. 2026-02-02
    historical $1,199
20. 2026-01-19
    listed $1,199
21. 2025-09-17
    historical
22. 2025-05-29
    price $119,000
23. 2025-04-24
    listed $124,900 Active
24. 2025-02-21
    historical $1,199
25. 2024-09-25
    price $1,199
26. 2024-09-21
    listed $1,100
27. 2009-12-01
    historical
28. 2009-09-17
    listed $39,300
29. 2008-04-30
    historical
30. 2007-10-05
    listed $53,000
31. 2004-06-15
    soldstatus $32,500
32. 2003-10-08
    soldstatus $34,000

ⓘ 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: $1,346 · $112/mo
• Projected year-2 tax: $1,346 · $112/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 100% 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: $15,436
• − Mortgage interest: −$6,436
• − Property taxes: −$1,346
• − Insurance: −$574
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$3,343
• Taxable income: $1,268
• Est. tax owed @ 24.0%: −$304
• After-tax cash flow: $2,740/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

+252.6% since first listed

19 events — show timeline

• 2026-05-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2026-03-04 Rental Removed $1,199 APPFOLIO
• 2026-02-06 Listed for Rent $1,199 APPFOLIO
• 2026-02-02 Rental Removed $1,199 APPFOLIO
• 2026-01-19 Listed for Rent $1,199 APPFOLIO
• 2025-09-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-29 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2025-04-24 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2025-02-21 Rental Removed $1,199 APPFOLIO
• 2024-09-25 Price Changed $1,199 APPFOLIO
• 2024-09-21 Listed for Rent $1,100 APPFOLIO
• 2009-12-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-09-17 Listed $39,300 MIBOR as Distributed by MLS Grid
• 2008-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-10-05 Listed $53,000 MIBOR as Distributed by MLS Grid
• 2004-06-15 Sold (Public Records) $32,500 Public Records
• 2003-10-08 Sold (Public Records) $34,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,346 · +10.6% YoY. Source: county tax records.