2321 Guilford Ave · Indianapolis city (balance), IN 46205

$310,000

6 bd · 6.0 ba · 3,044 sqft · MultiFamily · 172 Days on market

Built 1920 Good condition 5,619 sqft lot $102/sqft · at area comps Est $298k · at est.

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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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• ARV discount +5.6/15.0
• Rent growth +4.1/5.0
• Condition / age +3.8/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

Key facts

• Urban location
• Updated interiors
• 5,619 sq ft lot

Tags

• LUXURY VINYL PLANK FLOORING
• UPDATED INTERIORS
• HIGH-DEMAND RENTAL AREA
• URBAN LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $310k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $887 ($11k/yr) — positive. Per door: $443/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $310k).
• Recommended offer: $273k (12.0% 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 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 317 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $3,834/mo this rent would consume 64% of the median local household income ($72k/yr) (locally 1149% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 + 6.2% rent growth), your $87k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 21279% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $241k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $272,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 172 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.24% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.26%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $297,705
• List price: $310,000
• Delta: 4.13%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2519 N College Ave	0.28mi	6/5.0	2,832 (-7%)	8mo	$471,000	$166	64
716 E 27th St	0.40mi	6/6.0	2,832 (-7%)	13mo	$390,000	$138	59
2917 Ruckle St	0.70mi	6/6.0	2,970 (-2%)	10mo	$340,000	$114	55
2626-2628 Carrollton Ave	0.34mi	6/2.0	2,760 (-9%)	11mo	$170,000	$62	43
2837 Macpherson St	0.58mi	6/3.0	2,961 (-3%)	16mo	$235,000	$79	43
2707-2709 N College Ave	0.41mi	6/4.0	2,648 (-13%)	10mo	$210,000	$79	42

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 · 6.21% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.22×
• Total profit: $19,068
• Equity at exit: $46,222

10-year hold

• IRR: 17.6%
• Equity multiple: 2.68×
• Total profit: $145,570
• Equity at exit: $26,803

Cash invested: $86,800 (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 46205

• Rents YoY: 6.2%
• Active inventory: 317
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,834 high
• Mortgage (P&I): −$1,626
• Tax est. 1.5%: −$388 /mo · $4,650/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$805
• Net cashflow: $887

Break-even live

Break-even rent $2,712

Max offer price $310,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,101	-5% $994	+0% $887	+5% $779	+10% $672
Rent	-10% $584	-5% $735	+0% $887	+5% $1,038	+10% $1,189
Rate	-1.0pp $1,043	-0.5pp $965	base $887	+0.5pp $806	+1.0pp $724

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,834
Total (2 units)			$3,834

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2054 Carrollton Ave Indianapolis, IN	5.0	4.5	3927	$5,500	$1.40	5d	1	0.32mi

Listing history 10 events

1. 2026-05-08
   price $310,000 1160-char remark

   Show marketing remark (1160 chars)

   Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

2. 2026-03-18
   price $325,000 1160-char remark

   Show marketing remark (1160 chars)

   Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

3. 2026-02-12
   price $335,000 1160-char remark

   Show marketing remark (1160 chars)

   Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

4. 2026-01-27
   historical $1,350
5. 2026-01-13
   price $1,350
6. 2025-12-05
   listed $1,450

   Show marketing remark (1160 chars)

   Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

7. 2025-12-05
   listed $375,000 Active 1160-char remark

   Show marketing remark (1160 chars)

   Steps from the Monon Trail and sitting at the center of one of Indianapolis' most actively transforming corridors, this freshly renovated duplex offers strong fundamentals for house-hackers and buy-and-hold investors alike. Each unit features a practical 3-bedroom, 1.5-bath layout with brand new LVP flooring throughout, and functional living spaces ready for immediate occupancy - live in one side while the other generates income from day one, or place both units into a rental portfolio. The location is the real story here: the M30 Collective mixed-use development bringing residential units, dining, retail, and entertainment to the Monon at 30th Street is actively under construction just minutes away, the $4.29 billion IU Health hospital campus is set to open in 2027 and will generate enormous sustained demand for nearby workforce housing, and the Monon Trail itself is undergoing a funded widening from 10th to 96th Street. Add walking/biking proximity to Bottleworks, downtown, Ivy Tech, and the Fall Creek Greenway, and this property sits directly in the path of where Indianapolis is growing - at a price point that still makes the numbers work.

8. 2024-03-28
   soldstatus $241,000 Closed 780-char remark

   Show marketing remark (780 chars)

   Amazing investment opportunity in this Reagan Park duplex! Both sides are a 3BR/1.5BA unit with large front porch. Both living rooms feature a decorative fireplace and lead into a spacious formal dining room. Kitchens are sunny and lead to unfinished basements. Upstairs both feature 3BR and 1 full bathroom. 2323 has a slightly larger half bathroom while 2321 has a slightly larger kitchen pantry. 2323 features updated laminate floors in the living and dining rooms. Newer carpet recently installed in both units. This is a great property for an investor or owner occupant to live on one side, rent out the other and make some passive income! Lots of parking in the back from the alley, along with plenty of space in the yard to enjoy. Loads of potential in this wonderful home!

9. 2024-02-07
   status Pending 780-char remark

   Show marketing remark (780 chars)

   Amazing investment opportunity in this Reagan Park duplex! Both sides are a 3BR/1.5BA unit with large front porch. Both living rooms feature a decorative fireplace and lead into a spacious formal dining room. Kitchens are sunny and lead to unfinished basements. Upstairs both feature 3BR and 1 full bathroom. 2323 has a slightly larger half bathroom while 2321 has a slightly larger kitchen pantry. 2323 features updated laminate floors in the living and dining rooms. Newer carpet recently installed in both units. This is a great property for an investor or owner occupant to live on one side, rent out the other and make some passive income! Lots of parking in the back from the alley, along with plenty of space in the yard to enjoy. Loads of potential in this wonderful home!

10. 2024-02-02
    listed $225,000 Active 780-char remark

    Show marketing remark (780 chars)

    Amazing investment opportunity in this Reagan Park duplex! Both sides are a 3BR/1.5BA unit with large front porch. Both living rooms feature a decorative fireplace and lead into a spacious formal dining room. Kitchens are sunny and lead to unfinished basements. Upstairs both feature 3BR and 1 full bathroom. 2323 has a slightly larger half bathroom while 2321 has a slightly larger kitchen pantry. 2323 features updated laminate floors in the living and dining rooms. Newer carpet recently installed in both units. This is a great property for an investor or owner occupant to live on one side, rent out the other and make some passive income! Lots of parking in the back from the alley, along with plenty of space in the yard to enjoy. Loads of potential in this wonderful home!

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,008
• − Mortgage interest: −$17,365
• − Property taxes: −$4,650
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,681
• − Management: −$3,681
• − Depreciation: −$9,018
• Taxable income: $6,064
• Est. tax owed @ 24.0%: −$1,455
• After-tax cash flow: $9,183/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

Good 75/100 Cosmetic rehab

This freshly renovated duplex offers strong fundamentals for investors, with practical 3-bedroom layouts and new LVP flooring throughout. The location is ideal for a mixed-use development, making it a great investment opportunity.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace ceiling fans — improves air circulation and comfort

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace ceiling fans — improves air circulation and comfort ↑

ⓘ 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): 28,259
• Household income: $72,417
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 1149.0

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 0.64)
• Race & ethnicity: White 50% Black 32% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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: ▼ -322.77%
• Current HPI: 380.5407
• Rent YoY: ▲ 6.21%
• 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

+37.8% since first listed

10 events — show timeline

• 2026-05-08 Price Changed $310,000 MIBOR as Distributed by MLS Grid
• 2026-03-18 Price Changed $325,000 MIBOR as Distributed by MLS Grid
• 2026-02-12 Price Changed $335,000 MIBOR as Distributed by MLS Grid
• 2026-01-27 Rental Removed $1,350 MIBOR
• 2026-01-13 Price Changed $1,350 MIBOR
• 2025-12-05 Listed for Rent $1,450 MIBOR
• 2025-12-05 Listed $375,000 MIBOR as Distributed by MLS Grid
• 2024-03-28 Sold (MLS) $241,000 MIBOR as Distributed by MLS Grid
• 2024-02-07 Pending — MIBOR as Distributed by MLS Grid
• 2024-02-02 Listed $225,000 MIBOR as Distributed by MLS Grid