118 W 36th St · Indianapolis city (balance), IN 46208

$15,000

3 bd · 1.0 ba · 1,304 sqft · SingleFamily public records · 5 Days on market

Built 1910 2,309 sqft lot ↓ 25% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Wonderful! 3 bedroom, 1 bath with many updates and only minutes from downtown, the Art Museum, the Children's Museum and Butler University. Come see today!

Key facts

• Updated bath
• Updated flooring
• Updated kitchen

Tags

• UPDATED FLOORING
• UPDATED KITCHEN
• UPDATED BATH
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding and other exterior materials; Block foundation
• Exterior features: Lot smaller than 1/4 acre

Interior

• Kitchen: Microwave; Electric oven; Refrigerator
• Bedrooms: Three bedrooms total — two on the upper level, one on the main level; Bedroom sizes include: 15x10 (upper), 14x10 (upper), 13x12 (main)
• Bathrooms: One full bathroom (located on the upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Has basement
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Cap rate 89.5% 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 D — 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 fast (+6.4%/yr); 279 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); 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 $104 of loan paydown is wiped out by about $450 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 + 6.4% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 24y ago; this cycle's ask has dropped $120k (89%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $15,000

Questions for the listing agent

1. Built in 1910 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 9.66% ✓
• Cap rate: 89.55%
• Cash-on-cash: 297.35%
• DSCR: 14.23
• GRM: 0.9

CMA / ARV

• ARV (on-the-fly): $187,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3732 N Kenwood Ave	0.18mi	2/1.0 (-1)	1,428 (+10%)	10mo	$175,000	$123	63
117 W 36th St	0.02mi	2/1.0 (-1)	1,499 (+15%)	10mo	$165,000	$110	61
3151 Graceland Ave	0.60mi	3/1.0	1,200 (-8%)	1mo	$169,900	$142	58
260 W 33rd St	0.44mi	3/1.5	1,200 (-8%)	10mo	$115,000	$96	56
402 Harvard Pl	0.45mi	2/1.0 (-1)	1,313 (+1%)	21mo	$205,000	$156	55
406 Harvard Pl	0.45mi	2/1.0 (-1)	1,233 (-5%)	18mo	$194,800	$158	50
3339 N Park Ave	0.75mi	3/1.0	1,200 (-8%)	4mo	$196,300	$164	48
3042 Graceland Ave	0.71mi	3/2.0	1,200 (-8%)	3mo	$163,700	$136	47
332 Northern Ave	0.49mi	3/1.5	1,128 (-14%)	10mo	$162,500	$144	44
3239 Graceland Ave	0.46mi	3/1.0	1,152 (-12%)	19mo	$179,000	$155	44
330 Congress Ave	0.67mi	3/2.0	1,156 (-11%)	3mo	$210,000	$182	43
364 Congress Ave	0.69mi	2/2.0 (-1)	1,373 (+5%)	12mo	$165,000	$120	40

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 17.44×
• Total profit: $69,046
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 41.08×
• Total profit: $168,334
• Equity at exit: $1,297

Cash invested: $4,200 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $1,449 high
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $1,041

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 23%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	3d	1	0.05mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	8d	1	0.11mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	0.11mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	24d	1	0.12mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	8d	1	0.12mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	8d	1	0.13mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	24d	1	0.16mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	44d	1	0.17mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	2d	34	0.18mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.18mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	44d	1	0.20mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	44d	1	0.20mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	44d	1	0.21mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	24d	1	0.23mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	11d	1	0.24mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$2,022	$1.91	20d	35	0.36mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	8d	1	0.40mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	8d	1	0.46mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	24d	1	0.52mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	24d	1	0.54mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	8d	1	0.54mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	14d	1	0.55mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	24d	1	0.63mi
512 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.67mi
514 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.67mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	18d	1	0.71mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	22d	1	0.77mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	44d	1	0.78mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	3d	1	0.79mi
3365 Broadway St Indianapolis, IN	3.0	2.0	1300	$1,700	$1.31	44d	1	0.79mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	44d	1	0.81mi
3004 N Delaware St Indianapolis, IN	3.0	1.5	1600	$1,599	$1.00	8d	1	0.81mi
3370 N College Ave Indianapolis, IN	3.0	1.0	1680	$1,275	$0.76	2d	1	0.82mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	18d	1	0.83mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	0.85mi
4117 Byram Ave Indianapolis, IN	4.0	2.0	1540	$1,930	$1.25	44d	1	0.85mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	24d	1	0.86mi
3359 N College Ave Indianapolis, IN	2.0	1.5	1450	$1,795	$1.24	11d	1	0.86mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	44d	1	0.86mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	44d	1	0.87mi

Listing history 24 events

1. 2026-05-21
   price $15,000
2. 2026-05-21
   status Active
3. 2026-03-03
   status Active
4. 2026-02-22
   status Pending
5. 2026-02-17
   listed $134,900 Active
6. 2023-11-19
   historical $1,350
7. 2023-10-20
   listed $1,350
8. 2022-01-12
   historical 160-char remark

   Show marketing remark (160 chars)

   This Wonderful! 3 bedroom, 1 bath with many updates and only minutes from downtown, the Art Museum, the Children's Museum and Butler University. Come see today!

9. 2022-01-12
   soldstatus $77,000 Closed 160-char remark

   Show marketing remark (160 chars)

   This Wonderful! 3 bedroom, 1 bath with many updates and only minutes from downtown, the Art Museum, the Children's Museum and Butler University. Come see today!

10. 2021-12-24
    status Pending 160-char remark

    Show marketing remark (160 chars)

    This Wonderful! 3 bedroom, 1 bath with many updates and only minutes from downtown, the Art Museum, the Children's Museum and Butler University. Come see today!

11. 2021-12-18
    listed $77,000 Active 160-char remark

    Show marketing remark (160 chars)

    This Wonderful! 3 bedroom, 1 bath with many updates and only minutes from downtown, the Art Museum, the Children's Museum and Butler University. Come see today!

12. 2021-10-02
    historical
13. 2021-10-01
    status Active
14. 2021-06-11
    historical
15. 2021-06-11
    status Active
16. 2021-06-01
    historical
17. 2021-05-29
    status Active
18. 2021-05-23
    historical
19. 2021-05-21
    listed $89,000 Active
20. 2008-03-17
    soldstatus $6,750
21. 2008-01-10
    listed $10,000
22. 2003-12-19
    listed $12,600
23. 2002-08-22
    historical
24. 2002-02-22
    listed $19,900

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 67% 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,383
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$1,391
• − Management: −$1,391
• − Depreciation: −$436
• Taxable income: $13,025
• Est. tax owed @ 24.0%: −$3,126
• After-tax cash flow: $9,363/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

-24.6% since first listed

24 events — show timeline

• 2026-05-21 Price Changed $15,000 MIBOR as Distributed by MLS Grid
• 2026-05-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-17 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2023-11-19 Rental Removed $1,350 APPFOLIO
• 2023-10-20 Listed for Rent $1,350 APPFOLIO
• 2022-01-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-01-12 Sold (MLS) $77,000 MIBOR as Distributed by MLS Grid
• 2021-12-24 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-18 Listed $77,000 MIBOR as Distributed by MLS Grid
• 2021-10-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-10-01 Relisted — MIBOR as Distributed by MLS Grid
• 2021-06-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-06-11 Relisted — MIBOR as Distributed by MLS Grid
• 2021-06-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-05-29 Relisted — MIBOR as Distributed by MLS Grid
• 2021-05-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-05-21 Listed $89,000 MIBOR as Distributed by MLS Grid
• 2008-03-17 Sold (MLS) $6,750 MIBOR as Distributed by MLS Grid
• 2008-01-10 Listed $10,000 MIBOR as Distributed by MLS Grid
• 2003-12-19 Listed $12,600 MIBOR as Distributed by MLS Grid
• 2002-08-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-02-22 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+29.6%/yr

Latest (2025): $2,749 · +6.2% YoY. Source: county tax records.