3626 Prospect St · Indianapolis city (balance), IN 46203

$55,000

1 bd · 1.0 ba · 576 sqft · SingleFamily public records · 11 Days on market

Built 1955 5,358 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Investment opportunity! Bring your contractor and FLIP THIS HOUSE! Perennial Landscaped with cozy porch, big back yard for gardening. Off street parking. Window awnings! Electricity is on.

Key facts

• Covered front porch
• Extra storage
• Spacious kitchen

Tags

• COVERED FRONT PORCH
• SPACIOUS KITCHEN
• LARGE FENCED BACKYARD
• EXTRA STORAGE

Property features AI

Finance

• Other: Lot under 1/4 acre (about 0.12 acre); Low-maintenance lifestyle: No

Exterior

• Utilities: Public water; Municipal sewer connection
• Home design: Single-family residence; Fixer condition; One story
• Construction: Stone and vinyl siding exterior; Block foundation
• Exterior features: Covered patio; Patio; Full yard fencing; Storage shed; Mature trees; Not in a subdivision

Interior

• Kitchen: Kitchen on the main level (approx. 14 x 9)
• Bedrooms: Two bedrooms on the main level (sizes approx. 11 x 13 and 8 x 9)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Unfinished basement; No appliances included
• Laundry & utility: No solid waste service listed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($921 rent vs $55k).
• Cap rate 12.6% 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.
• Market conditions: Rents rising (+2.9%/yr); 499 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.
• Current owner paid $10k; list at $55k implies a 461% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.68% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.60×
• Total profit: $9,311
• Equity at exit: $8,201

10-year hold

• IRR: 23.7%
• Equity multiple: 3.04×
• Total profit: $31,404
• Equity at exit: $4,755

Cash invested: $15,400 (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: 499
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $921 high
• Mortgage (P&I): −$288
• Tax from tax record: −$130 /mo · $1,555/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $287

Break-even live

Break-even rent $558

Max offer price $55,000

Occupancy floor 64%

Sensitivity live

Price	-10% $318	-5% $303	+0% $287	+5% $271	+10% $256
Rent	-10% $214	-5% $251	+0% $287	+5% $323	+10% $360
Rate	-1.0pp $315	-0.5pp $301	base $287	+0.5pp $273	+1.0pp $258

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	45d	1	0.65mi
648 Dayton Ave Indianapolis, IN	1.0	1.0	450	$750	$1.67	16d	1	0.83mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	25d	1	1.06mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	45d	1	1.06mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	1.13mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	45d	1	1.24mi
1912 Lexington Ave Unit 1912A Indianapolis, IN	—	1.0	660	$825	$1.25	45d	1	1.24mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	25d	1	1.29mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	45d	1	1.29mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	1.30mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	45d	1	1.31mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	16d	1	1.31mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	45d	1	1.32mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	45d	1	1.32mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	25d	1	1.35mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	5d	1	1.36mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	45d	1	1.36mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	1.39mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	1.40mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	23d	1	1.41mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	45d	1	1.41mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	25d	1	1.44mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	45d	1	1.46mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	45d	1	1.46mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	1.46mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	25d	1	1.49mi

Listing history 8 events

1. 2026-06-21
   days on market $55,000 Active 11 DOM
2. 2026-06-18
   days on market $55,000 Active 8 DOM
3. 2026-06-17
   days on market $55,000 Active 7 DOM
4. 2026-06-16
   days on market $55,000 Active 6 DOM
5. 2026-06-15
   days on market $55,000 Active 5 DOM
6. 2026-06-13
   days on market $55,000 Active 3 DOM
7. 2026-06-13
   remarks 318-char remark
8. 2026-06-13
   listed $55,000 Active 2 DOM

ⓘ 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: $1,555 · $130/mo
• Projected year-2 tax: $1,555 · $130/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $11,058
• − Mortgage interest: −$3,081
• − Property taxes: −$1,555
• − Insurance: −$275
• − Repairs & maintenance: −$885
• − Management: −$885
• − Depreciation: −$1,600
• Taxable income: $2,778
• Est. tax owed @ 24.0%: −$667
• After-tax cash flow: $2,778/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

+266.7% since first listed

5 events — show timeline

• 2026-06-10 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2015-08-25 Sold (MLS) $9,800 MIBOR as Distributed by MLS Grid
• 2015-08-08 Pending — MIBOR as Distributed by MLS Grid
• 2015-08-03 Price Changed $12,000 MIBOR as Distributed by MLS Grid
• 2015-07-19 Listed $15,000 MIBOR as Distributed by MLS Grid

Property tax history

+20.1%/yr

Latest (2025): $1,555 · +11.5% YoY. Source: county tax records.