651 Division St · Indianapolis city (balance), IN 46221

$124,500

2 bd · 1.0 ba · 728 sqft · SingleFamily public records · 27 Days on market

Built 1955 2,570 sqft lot Est $167k · 26% under

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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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.7/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This cozy 2-bedroom home sits in one of the hottest up and coming areas of Indy. Located within walking distance to Lucas Oil Stadium and the Convention Center and only blocks from The Elanco Global Headquarters and other planned development. New paint and flooring throughout. New kitchen upgrades and new hot water heater. Multiple investment possibilities with this; it is rent ready to hold as an LTR; or have an outstanding AirBnB. Don't let this one slip away!

Key facts

• New kitchen upgrades
• New hot water heater
• 2,570 sq ft lot

Tags

• NEW KITCHEN UPGRADES
• NEW HOT WATER HEATER

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Electricity connected (circuit breakers); Natural gas connected; Solid waste service
• Home design: Single-family residence; Updated/remodeled condition; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch; Partial privacy fencing; City lot with street lights

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Woodwork painted; Laundry in unit
• Laundry & utility: Dedicated laundry room; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL).
• Market conditions: Rents rising (+1.8%/yr); 43 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $861 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 27 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,632 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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. 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.
4. 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.
5. 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: 1.17% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.62%
• DSCR: 1.38
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $167,440
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1623 Oliver Ave	0.43mi	2/1.0	744 (+2%)	11mo	$158,000	$212	67
617 Marion Ave	0.15mi	1/1.0 (-1)	675 (-7%)	14mo	$166,000	$246	64
624 Holly Ave	0.17mi	1/1.0 (-1)	675 (-7%)	17mo	$155,000	$230	61
817 Birch Ave	0.19mi	2/1.0	806 (+11%)	19mo	$68,000	$84	57

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-5,926
• Equity at exit: $18,563

10-year hold

• IRR: 3.6%
• Equity multiple: 1.25×
• Total profit: $8,565
• Equity at exit: $10,764

Cash invested: $34,860 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,451 high
• Mortgage (P&I): −$653
• Tax from tax record: −$191 /mo · $2,295/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $250

Break-even live

Break-even rent $1,134

Max offer price $124,500

Occupancy floor 78%

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	23d	1	0.39mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	21d	1	0.74mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	7d	1	0.74mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	14d	2	0.74mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	43d	1	0.93mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	43d	1	1.12mi
305 W Washington St Indianapolis, IN	1.0	1.0	717	$925	$1.29	2d	1	1.23mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	1.26mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	1d	42	1.29mi
501 Madison Ave Indianapolis, IN	1.0	1.0	800	$1,412	$1.76	23d	2	1.39mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	3d	1	1.40mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$4,021	$2.27	1d	3	1.44mi
114 W Market St Indianapolis, IN	1.0–3.0	1.0–2.0	1193	$2,139	$1.79	44d	9	1.44mi
30 E Georgia St Indianapolis, IN	2.0	1.0–2.0	882	$1,590	$1.80	1d	14	1.47mi
1409 Union St Indianapolis, IN	1.0	1.0	475	$749	$1.58	23d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $124,500 Active 27 DOM
2. 2026-06-17
   days on market $124,500 Active 26 DOM
3. 2026-06-16
   days on market $124,500 Active 25 DOM
4. 2026-06-15
   days on market $124,500 Active 24 DOM
5. 2026-06-13
   days on market $124,500 Active 22 DOM
6. 2026-06-13
   pricedays on market $124,500 Active 21 DOM
7. 2026-06-09
   days on market $129,000 Active 18 DOM
8. 2026-06-08
   days on market $129,000 Active 17 DOM
9. 2026-06-07
   days on market $129,000 Active 16 DOM
10. 2026-06-03
    days on market $129,000 Active 12 DOM
11. 2026-06-02
    days on market $129,000 Active 11 DOM
12. 2026-06-01
    days on market $129,000 Active 10 DOM
13. 2026-05-31
    days on market $129,000 Active 9 DOM
14. 2026-05-21
    listed $129,000 Active
15. 2025-03-31
    historical
16. 2025-02-18
    price $94,900
17. 2024-12-27
    price $97,000
18. 2024-10-17
    listed $99,900 Active

ⓘ 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: $2,295 · $191/mo
• Projected year-2 tax: $2,295 · $191/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% 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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,415
• − Mortgage interest: −$6,974
• − Property taxes: −$2,295
• − Insurance: −$622
• − Repairs & maintenance: −$1,393
• − Management: −$1,393
• − Depreciation: −$3,622
• Taxable income: $1,115
• Est. tax owed @ 24.0%: −$268
• After-tax cash flow: $2,738/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+29.1% since first listed

5 events — show timeline

• 2026-05-21 Listed $129,000 MIBOR as Distributed by MLS Grid
• 2025-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-02-18 Price Changed $94,900 MIBOR as Distributed by MLS Grid
• 2024-12-27 Price Changed $97,000 MIBOR as Distributed by MLS Grid
• 2024-10-17 Listed $99,900 MIBOR as Distributed by MLS Grid

Property tax history

+17.1%/yr

Latest (2025): $2,295 · +70.7% YoY. Source: county tax records.