1546 Hoefgen St · Indianapolis city (balance), IN 46203

$120,000

2 bd · 1.0 ba · 1,478 sqft · SingleFamily public records · 79 Days on market

Built 1920 5,184 sqft lot $81/sqft · 11% below area Est $162k · 26% under

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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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.6/10.0
• 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

Listing remarks MLS

Whether you're looking for your next flip or a first home where you can build massive sweat equity, this is the one. This 3-bedroom, 1-bath traditional home offers over 1,700 sq. ft. of raw potential in one of Indy's most resilient investment pockets. Rare 3-bedroom footprint at this price point. The main floor features spacious living areas and a kitchen with character-rich cabinetry and a dishwasher already in place. A full, unfinished basement provides easy access to mechanicals and significant potential for a workshop or storage. Includes a detached garage, a long private driveway for off-street parking, and a fully fenced backyard, ideal for pets or future entertaining. Commuters will love the instant access to I-65, putting Downtown Indy and the surrounding suburbs just minutes away. You're also a short bike ride from the breweries, art galleries, and nightlife of Fountain Square and the sprawling green space of Garfield Park. This property is the perfect canvas for a savvy investor or a motivated starter-home buyer ready to trade some elbow grease for a high-value asset. At this price, the equity is just waiting to be unlocked. Bring your vision and your contractor. *Roof is 8 years old, water heater 1 year old, hvac 10 years old.

Key facts

• Private driveway
• Unfinished basement
• Detached garage

Tags

• DETACHED GARAGE
• PRIVATE DRIVEWAY
• FULLY FENCED BACKYARD
• UNFINISHED BASEMENT
• EASY ACCESS TO MECHANICALS
• INSTANT ACCESS TO I-65

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising (+2.9%/yr); 500 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 $830 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $120k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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 1920 — 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: 1.16% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.17%
• DSCR: 1.54
• GRM: 7.2

CMA / ARV

• ARV (median comp): $161,552
• List price: $120,000
• Delta: -25.72%
• 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
1513 Finley Ave	0.07mi	3/2.0 (+1)	1,522 (+3%)	1mo	$66,000	$43	82
1735 E Legrande Ave	0.48mi	2/1.0	1,488 (+1%)	4mo	$150,000	$101	73
1842 E Legrande Ave	0.57mi	2/1.0	1,488 (+1%)	1mo	$87,000	$58	72
1639 Comer Ave	0.13mi	3/2.0 (+1)	1,327 (-10%)	1mo	$100,000	$75	67
1426 E Bradbury Ave	0.18mi	3/2.0 (+1)	1,320 (-11%)	1mo	$208,000	$158	64
2027 Spruce St	0.49mi	3/2.0 (+1)	1,432 (-3%)	1mo	$210,000	$147	62
2165 Napoleon St	0.66mi	3/2.0 (+1)	1,465 (-1%)	1mo	$140,000	$96	58
1850 E Legrande Ave	0.58mi	2/1.0	1,344 (-9%)	1mo	$145,000	$108	57
1127 E Kelly St	0.39mi	2/2.0	1,280 (-13%)	2mo	$185,000	$145	54
1518 E Legrande Ave	0.46mi	2/2.0	1,296 (-12%)	3mo	$177,000	$137	51
2020 Mac Ct	0.51mi	3/1.0 (+1)	1,314 (-11%)	4mo	$185,000	$141	49
2658 Allen Ave	0.69mi	2/1.0	1,696 (+15%)	0mo	$210,000	$124	43

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: 1.6%
• Equity multiple: 1.06×
• Total profit: $2,059
• Equity at exit: $17,892

10-year hold

• IRR: 11.1%
• Equity multiple: 1.86×
• Total profit: $28,944
• Equity at exit: $10,375

Cash invested: $33,600 (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: 500
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,387 high
• Mortgage (P&I): −$629
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $341

Break-even live

Break-even rent $956

Max offer price $120,000

Occupancy floor 70%

Sensitivity live

Price	-10% $409	-5% $375	+0% $341	+5% $307	+10% $273
Rent	-10% $231	-5% $286	+0% $341	+5% $395	+10% $450
Rate	-1.0pp $401	-0.5pp $371	base $341	+0.5pp $310	+1.0pp $278

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	45d	1	0.26mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.38mi
2714 Dawson St Indianapolis, IN	3.0	1.0	912	$1,500	$1.64	0d	1	0.42mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	25d	1	0.44mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	12d	1	0.44mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	23d	1	0.47mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	25d	1	0.55mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	45d	1	0.55mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	0.59mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	15d	1	0.70mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	9d	1	0.72mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	45d	1	0.76mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	9d	1	0.77mi
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	0d	1	0.78mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	0.81mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	25d	1	0.82mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.83mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	0.85mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	9d	1	0.93mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	4d	1	0.96mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	16d	1	0.96mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	45d	1	0.97mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$895	$0.83	5d	3	0.97mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,525	$1.22	0d	1	0.98mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	45d	1	0.98mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	16d	1	0.98mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	9d	1	0.99mi
1703 Ringgold Ave Indianapolis, IN	3.0	2.0	1712	$1,700	$0.99	0d	1	1.00mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	22d	1	1.02mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	1.03mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	25d	1	1.03mi
3319 Olive St Indianapolis, IN	3.0	2.0	1588	$1,450	$0.91	25d	1	1.03mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	1.04mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	1.05mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	45d	1	1.05mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	45d	1	1.07mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	25d	1	1.12mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	25d	1	1.18mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	1.19mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	25d	1	1.23mi

Listing history 13 events

1. 2026-06-21
   days on market $120,000 Active 79 DOM
2. 2026-06-18
   status $120,000 Active 76 DOM
3. 2026-06-13
   statusdays on market $120,000 Pending 76 DOM
4. 2026-06-09
   days on market $120,000 Active 73 DOM
5. 2026-06-08
   days on market $120,000 Active 72 DOM
6. 2026-06-07
   days on market $120,000 Active 71 DOM
7. 2026-06-03
   days on market $120,000 Active 67 DOM
8. 2026-06-02
   days on market $120,000 Active 66 DOM
9. 2026-06-02
   pricestatus $120,000 Active 65 DOM
10. 2026-04-18
    price $135,000 1257-char remark

    Show marketing remark (1257 chars)

    Whether you're looking for your next flip or a first home where you can build massive sweat equity, this is the one. This 3-bedroom, 1-bath traditional home offers over 1,700 sq. ft. of raw potential in one of Indy's most resilient investment pockets. Rare 3-bedroom footprint at this price point. The main floor features spacious living areas and a kitchen with character-rich cabinetry and a dishwasher already in place. A full, unfinished basement provides easy access to mechanicals and significant potential for a workshop or storage. Includes a detached garage, a long private driveway for off-street parking, and a fully fenced backyard, ideal for pets or future entertaining. Commuters will love the instant access to I-65, putting Downtown Indy and the surrounding suburbs just minutes away. You're also a short bike ride from the breweries, art galleries, and nightlife of Fountain Square and the sprawling green space of Garfield Park. This property is the perfect canvas for a savvy investor or a motivated starter-home buyer ready to trade some elbow grease for a high-value asset. At this price, the equity is just waiting to be unlocked. Bring your vision and your contractor. *Roof is 8 years old, water heater 1 year old, hvac 10 years old.

11. 2026-03-16
    listed $140,000 Active 1257-char remark

    Show marketing remark (1257 chars)

    Whether you're looking for your next flip or a first home where you can build massive sweat equity, this is the one. This 3-bedroom, 1-bath traditional home offers over 1,700 sq. ft. of raw potential in one of Indy's most resilient investment pockets. Rare 3-bedroom footprint at this price point. The main floor features spacious living areas and a kitchen with character-rich cabinetry and a dishwasher already in place. A full, unfinished basement provides easy access to mechanicals and significant potential for a workshop or storage. Includes a detached garage, a long private driveway for off-street parking, and a fully fenced backyard, ideal for pets or future entertaining. Commuters will love the instant access to I-65, putting Downtown Indy and the surrounding suburbs just minutes away. You're also a short bike ride from the breweries, art galleries, and nightlife of Fountain Square and the sprawling green space of Garfield Park. This property is the perfect canvas for a savvy investor or a motivated starter-home buyer ready to trade some elbow grease for a high-value asset. At this price, the equity is just waiting to be unlocked. Bring your vision and your contractor. *Roof is 8 years old, water heater 1 year old, hvac 10 years old.

12. 2004-12-30
    soldstatus $70,400 289-char remark

    Show marketing remark (289 chars)

    This house is ready to move in and has it all! Newer a/c, furnace roof, plumbing, water heater, stove, refrigerator, microwave; 3 large bedrooms; nicely updated bath, family room; dining room, large kitchen; bonus room/ office; 3-car garage;and fenced yard. 2054 sq ft. See this one soon!

13. 2004-05-03
    listed $69,900 289-char remark

    Show marketing remark (289 chars)

    This house is ready to move in and has it all! Newer a/c, furnace roof, plumbing, water heater, stove, refrigerator, microwave; 3 large bedrooms; nicely updated bath, family room; dining room, large kitchen; bonus room/ office; 3-car garage;and fenced yard. 2054 sq ft. See this one soon!

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $964 · $80/mo
• Expected delta: +$56/yr (+$5/mo · 6.2%)

ⓘ 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: $16,642
• − Mortgage interest: −$6,722
• − Property taxes: −$908
• − Insurance: −$600
• − Repairs & maintenance: −$1,331
• − Management: −$1,331
• − Depreciation: −$3,491
• Taxable income: $2,259
• Est. tax owed @ 24.0%: −$542
• After-tax cash flow: $3,546/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

+93.1% since first listed

4 events — show timeline

• 2026-04-18 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2026-03-16 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2004-12-30 Sold (MLS) $70,400 MIBOR as Distributed by MLS Grid
• 2004-05-03 Listed $69,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2025): $908 · +11.8% YoY. Source: county tax records.