2148 Singleton St · Indianapolis city (balance), IN 46203

$44,900

2 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 11 Days on market

Built 1900 Poor condition 3,833 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

This is for the ones who are ready for a project and have a vision to see it through. Proudly sitting near Pleasant Run, this condo is steeped with character. From the large covered porch to the great room, separate dining room, 2 bedrooms, and hardwood flooring throughout, you have a great starting point. Proximity to downtown Indianapolis, universities, highways, and more make this home even more appealing. For investors or the savvy owner- don't miss out!

Key facts

• Hardwood flooring
• Large covered porch
• Separate dining room

Tags

• LARGE COVERED PORCH
• GREAT ROOM
• SEPARATE DINING ROOM
• HARDWOOD FLOORING
• PROXIMITY TO DOWNTOWN
• PROXIMITY TO UNIVERSITIES

Property features AI

Finance

• HOA & community: No community features listed; Not a low-maintenance lifestyle property

Exterior

• Parking: Guest street parking
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence (attached); Two levels; Faces east; Has a view
• Construction: Brick, vinyl siding, vinyl with brick, and wood siding; Block foundation
• Exterior features: Covered patio/porch; City lot with curbs and sidewalks; Mature trees and small trees; Street access

Interior

• Kitchen: No appliances included
• Bedrooms: Two upper-level bedrooms
• Bathrooms: One full bathroom (upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Partial, unfinished basement with storage space
• Laundry & utility: Main-level laundry room (12x7); Basement utility room (28x14)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $813 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Cap rate 28.0% 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.
• Zoned schools: Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k 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 + 2.9% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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 $21k; list at $45k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — 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: 3.17% ✓
• Cap rate: 28.03%
• Cash-on-cash: 77.64%
• DSCR: 4.45
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $182,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 E Caven St	0.32mi	2/2.0	1,192 (+6%)	1mo	$200,000	$168	70
1441 S New Jersey St	0.62mi	2/1.0	1,111 (-1%)	1mo	$205,000	$185	69
728 E Beecher St	0.28mi	3/2.0 (+1)	1,154 (+3%)	7mo	$187,500	$162	67
2501 Ransdell St	0.51mi	3/1.5 (+1)	1,104 (-1%)	0mo	$108,000	$98	67
1413 S New Jersey St	0.67mi	2/2.0	1,103 (-2%)	1mo	$180,000	$163	62
2117 S Pennsylvania St	0.43mi	2/1.0	1,229 (+10%)	4mo	$87,500	$71	60
1902 Charles St	0.60mi	2/2.0	1,050 (-6%)	3mo	$212,500	$202	55
225 E Minnesota St	0.50mi	2/1.0	1,270 (+13%)	1mo	$185,000	$146	53
1869 New St	0.33mi	3/2.0 (+1)	1,280 (+14%)	1mo	$337,000	$263	51
1411 E Bradbury Ave	0.74mi	3/2.0 (+1)	1,120 (0%)	7mo	$147,500	$132	51
1127 E Kelly St	0.54mi	2/2.0	1,280 (+14%)	2mo	$185,000	$145	45
722 Weghorst St	0.61mi	3/1.0 (+1)	988 (-12%)	4mo	$219,000	$222	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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 77.5%
• Equity multiple: 4.53×
• Total profit: $44,381
• Equity at exit: $6,695

10-year hold

• IRR: 81.1%
• Equity multiple: 9.33×
• Total profit: $104,740
• Equity at exit: $3,882

Cash invested: $12,572 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,422 high
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $813

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 38%

Sensitivity live

Price	-10% $844	-5% $829	+0% $813	+5% $798	+10% $782
Rent	-10% $701	-5% $757	+0% $813	+5% $870	+10% $926
Rate	-1.0pp $836	-0.5pp $825	base $813	+0.5pp $802	+1.0pp $790

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.08mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	44d	1	0.21mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.26mi
2236 Ransdell St Indianapolis, IN	2.0	1.0	850	$1,150	$1.35	44d	1	0.27mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.28mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	15d	1	0.31mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.34mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.34mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.42mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	24d	1	0.48mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	24d	1	0.48mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	0.49mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	44d	1	0.53mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	15d	1	0.53mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.55mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	44d	1	0.58mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	44d	1	0.58mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.62mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.63mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.63mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.65mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	3d	2	0.66mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	24d	1	0.69mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	44d	1	0.69mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	0.70mi
1409 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,245	$1.31	44d	1	0.71mi
1407 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,150	$1.21	44d	1	0.72mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.72mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	8d	1	0.74mi
110 Pennsylvania Ct Indianapolis, IN	3.0	2.0	1202	$1,700	$1.41	5d	1	0.76mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	0.77mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	18d	1	0.77mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.81mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$895	$0.83	4d	3	0.81mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	4d	1	0.82mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	15d	1	0.82mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	11d	1	0.84mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.84mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.84mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.84mi

Listing history 17 events

1. 2026-04-14
   status Pending
2. 2026-04-03
   listed $44,900 Active
3. 2026-04-01
   historical
4. 2026-03-18
   price $44,900
5. 2026-02-13
   price $59,900
6. 2025-09-19
   price $84,900
7. 2025-08-15
   price $89,900
8. 2025-07-09
   price $94,900
9. 2025-06-05
   price $104,900
10. 2025-04-30
    price $114,900
11. 2025-03-29
    listed $124,900 Active
12. 2023-12-04
    historical
13. 2023-09-14
    price $174,563
14. 2023-08-02
    historical
15. 2023-08-02
    listed $183,750 Active
16. 2023-07-26
    listed $183,750 Active
17. 2018-08-09
    soldstatus $21,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,069
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$1,306
• Taxable income: $9,619
• Est. tax owed @ 24.0%: −$2,308
• After-tax cash flow: $7,452/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovation, including structural repairs and updates to the interior and exterior. Potential investors should be prepared for a significant project.

Repairs flagged

• Major Exposed framing in kitchen and bath — Structural integrity compromised
• Major Peeling paint throughout — Aesthetic and health concerns
• Major Missing cabinets in kitchen and bath — Functionality and aesthetics compromised

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics
• Both Reframing and replacing cabinets — Restores structural integrity and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed framing in kitchen and bath · Structural integrity compromised	Major	$15,000–50,000
Peeling paint throughout · Aesthetic and health concerns	Major	$15,000–50,000
Missing cabinets in kitchen and bath · Functionality and aesthetics compromised	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both Reframing and replacing cabinets — Restores structural integrity and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+113.8% since first listed

17 events — show timeline

• 2026-04-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-18 Price Changed $44,900 MIBOR as Distributed by MLS Grid
• 2026-02-13 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2025-09-19 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2025-08-15 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2025-07-09 Price Changed $94,900 MIBOR as Distributed by MLS Grid
• 2025-06-05 Price Changed $104,900 MIBOR as Distributed by MLS Grid
• 2025-04-30 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2025-03-29 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2023-12-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-09-14 Price Changed $174,563 MIBOR as Distributed by MLS Grid
• 2023-08-02 Listed $183,750 MIBOR as Distributed by MLS Grid
• 2023-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-07-26 Listed $183,750 MIBOR as Distributed by MLS Grid
• 2018-08-09 Sold (Public Records) $21,000 Public Records

Property tax history

+17.8%/yr

Latest (2025): $5,480 · +12.5% YoY. Source: county tax records.