1924 E Minnesota St · Indianapolis city (balance), IN 46203

$129,900

2 bd · 1.0 ba · 945 sqft · SingleFamily public records · 31 Days on market

Built 1950 5,184 sqft lot $137/sqft · 10% below area Est $145k · 10% under ↓ 10% since listing

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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 +21.6/30.0
• ARV discount +12.2/15.0
• DSCR +6.9/10.0
• 1% rule +4.4/10.0
• 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

Welcome home to this charming property just minutes from the heart of Fountain Square! Major updates have already been taken care of for you: the roof, siding, and HVAC have been replaced within the last five years, and the water heater is only two years old. Inside, you'll find two spacious living areas offering endless flexibility; perfect for entertaining, a home office, playroom, or whatever suits your lifestyle. Two comfortable bedrooms are conveniently located near the updated full bath. Step outside to enjoy the fully fenced yard, ideal for pets, play, or outdoor relaxation. The oversized detached one-car garage provides ample space for storage, hobbies, or a workshop. Lovingly mai

Key facts

• Fully fenced yard
• 5,184 sq ft lot
• Garage

Tags

• FULLY FENCED YARD
• OVERSIZED DETACHED GARAGE
• TWO SPACIOUS LIVING AREAS

Property features AI

Exterior

• Parking: Detached 1-car garage with service door
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered porch; Chain link fence with fenced front yard; Corner lot with curbs and sidewalks

Interior

• Kitchen: Gas oven; Eat-in kitchen
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Hardwood floors; Eat-in kitchen; Stained/painted woodwork; Smoke alarm
• Laundry & utility: Washer and dryer included; Laundry on main level; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (6.2% below list).
• Recommended offer: $122k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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); 500 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $898 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 31 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,867 (6.2% below list)

Questions for the listing agent

1. It's been on market 31 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 1950 — 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: 0.94% ✗
• Cap rate: 8.12%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 8.9

CMA / ARV

• ARV (median comp): $145,018
• List price: $129,900
• Delta: -10.42%
• 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
1606 Asbury St	0.19mi	3/1.0 (+1)	892 (-6%)	4mo	$145,000	$163	74
1418 St Paul St	0.27mi	3/1.0 (+1)	1,000 (+6%)	1mo	$170,000	$170	72
1602 Harlan St	0.07mi	2/1.0	808 (-14%)	7mo	$130,000	$161	67
1514 Lawton Ave	0.41mi	2/1.0	1,000 (+6%)	6mo	$179,900	$180	66
2029 Reformers Ave	0.32mi	3/1.0 (+1)	875 (-7%)	6mo	$95,000	$109	63
1752 Linden St	0.57mi	3/1.0 (+1)	940 (-0%)	7mo	$95,000	$101	62
1762 E Kelly St	0.63mi	2/1.0	984 (+4%)	2mo	$72,000	$73	62
1221 Cottage Ave	0.62mi	2/2.0	968 (+2%)	6mo	$262,000	$271	58
1443 S Oxford St	0.64mi	3/1.0 (+1)	900 (-5%)	3mo	$80,000	$89	55
1401 Linden St	0.59mi	2/1.0	1,042 (+10%)	5mo	$130,000	$125	51
2237 Villa Ave	0.60mi	3/1.0 (+1)	846 (-10%)	1mo	$175,000	$207	49
1118 Churchman Ave	0.47mi	2/2.0	812 (-14%)	7mo	$244,000	$300	45

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-8,694
• Equity at exit: $19,369

10-year hold

• IRR: 3.0%
• Equity multiple: 1.21×
• Total profit: $7,751
• Equity at exit: $11,231

Cash invested: $36,372 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,219 high
• Mortgage (P&I): −$681
• Tax from tax record: −$30 /mo · $362/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $197

Break-even live

Break-even rent $969

Max offer price $129,900

Occupancy floor 79%

Sensitivity live

Price	-10% $271	-5% $234	+0% $197	+5% $161	+10% $124
Rent	-10% $101	-5% $149	+0% $197	+5% $245	+10% $294
Rate	-1.0pp $263	-0.5pp $230	base $197	+0.5pp $164	+1.0pp $129

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	45d	1	0.07mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	0.17mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	0.18mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	45d	1	0.20mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	45d	1	0.21mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	19d	1	0.23mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	9d	1	0.26mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	45d	1	0.29mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	25d	1	0.32mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	9d	1	0.33mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.54mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.59mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	45d	1	0.61mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	45d	1	0.62mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	25d	1	0.63mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	9d	1	0.66mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,972	$0.69	0d	14	0.66mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	45d	1	0.67mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	45d	1	0.67mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	19d	1	0.70mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	12d	1	0.70mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	45d	1	0.71mi
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	0d	1	0.72mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	45d	1	0.73mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	25d	1	0.73mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.75mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	25d	1	0.76mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	25d	1	0.76mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	45d	1	0.78mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,223	$3.21	0d	8	0.80mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	25d	1	0.81mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	45d	1	0.83mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	5d	4	0.86mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.87mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	45d	1	0.88mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	0.91mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	0.91mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	19d	1	0.91mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	45d	1	0.94mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	45d	1	0.95mi

Listing history 3 events

1. 2026-05-17
   price $129,900 806-char remark
2. 2026-05-04
   price $134,900 806-char remark
3. 2026-04-22
   listed $145,000 Active 806-char remark

ⓘ 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: $362 · $30/mo
• Projected year-2 tax: $733 · $61/mo
• Expected delta: +$371/yr (+$31/mo · 102.7%)

ⓘ 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: $14,624
• − Mortgage interest: −$7,276
• − Property taxes: −$362
• − Insurance: −$650
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$3,779
• Taxable income: $218
• Est. tax owed @ 24.0%: −$52
• After-tax cash flow: $2,315/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

-10.4% since first listed

4 events — show timeline

• 2026-05-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-17 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-05-04 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $145,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $362 · -27.2% YoY. Source: county tax records.