1926 E Maryland St · Indianapolis city (balance), IN 46201

$135,000

1 bd · 2.0 ba · 471 sqft · MultiFamily public records · 27 Days on market

Built 1960 4,400 sqft lot $287/sqft · 93% above area Est $140k · at est.

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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 +9.1/15.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +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: 1 unit. estimate disagrees with records

Listing remarks

If you are an investor looking for a cash flowing addition to your portfolio then this property is for you. Both units are tenant occupied and bringing in a combined income of $1440 a month. The property is perfectly located in a neighborhood that adds convenience for occupants due to being minutes away from Shops, Restaurants, and a local park. You can also be in downtown Indianapolis or other popular areas such as Fountain Square or Irvington within 15 minutes. Please do not disturb tenants if you are driving by. Showings will require a minimum of 24 Hour notice; Tenants rights apply. Room sizes are estimates

Key facts

• 4,400 sq ft lot
• Built 1960
• Listed 27 days

Property features AI

Finance

• Financial info: Two total units; Unit 1 rent: $695 per month; Unit 2 rent: $745 per month; Gross income and expenses reported as zero

Exterior

• Utilities: Solid waste service available
• Home design: Duplex residential income property; Single-story units
• Exterior features: Approximately 0.1-acre lot; Road access: see remarks

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Two 2-bedroom units (each single-level)
• Interior features: Residential income property

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.5% 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 fast (+7.3%/yr); 480 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,480/mo this rent would consume 60% of the median local household income ($49k/yr) (locally 1906% 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 $933 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 + 7.3% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $31k; list at $135k implies a 341% gain — meaningful room to come down on a strong offer.

Recommended offer $132,975 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — 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 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: 1.84% ✓
• Cap rate: 15.47%
• Cash-on-cash: 32.77%
• DSCR: 2.46
• GRM: 4.5

CMA / ARV

• ARV (median comp): $140,000
• List price: $135,000
• Delta: -3.57%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 32.7%
• Equity multiple: 2.46×
• Total profit: $55,133
• Equity at exit: $20,129

10-year hold

• IRR: 42.0%
• Equity multiple: 5.85×
• Total profit: $183,148
• Equity at exit: $11,672

Cash invested: $37,800 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,480 high
• Mortgage (P&I): −$708
• Tax from tax record: −$163 /mo · $1,951/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $1,032

Break-even live

Break-even rent $1,173

Max offer price $135,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,109	-5% $1,071	+0% $1,032	+5% $994	+10% $956
Rent	-10% $836	-5% $934	+0% $1,032	+5% $1,130	+10% $1,228
Rate	-1.0pp $1,100	-0.5pp $1,067	base $1,032	+0.5pp $997	+1.0pp $962

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,480
Total (2 units)			$2,480

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1413 Washington St Indianapolis, IN	—	1.0	350	$800	$2.29	44d	1	0.41mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	44d	1	0.73mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,614	$0.57	2d	13	0.89mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$1,648	$2.38	2d	8	0.92mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$1,441	$1.71	2d	53	1.17mi
423 E Michigan St Indianapolis, IN	2.0	2.0	632	$1,971	$3.12	4d	10	1.32mi
1131 N Rural St Unit E Indianapolis, IN	—	1.0	324	$500	$1.54	5d	1	1.48mi

Listing history 16 events

1. 2026-06-07
   statusdays on market $135,000 Pending 27 DOM
2. 2026-06-03
   days on market $135,000 Active 26 DOM
3. 2026-06-02
   days on market $135,000 Active 25 DOM
4. 2026-06-01
   days on market $135,000 Active 24 DOM
5. 2026-05-31
   days on market $135,000 Active 23 DOM
6. 2026-05-12
   status Active 618-char remark
7. 2026-04-29
   status Pending 618-char remark
8. 2026-04-25
   listed $135,000 Active 618-char remark
9. 2024-09-27
   historical $695
10. 2024-09-24
    listed $695
11. 2024-09-24
    historical $695
12. 2024-09-21
    listed $695
13. 2023-08-08
    historical $675
14. 2023-07-28
    price $675
15. 2002-03-21
    soldstatus $30,590
16. 2001-11-07
    soldstatus $23,940

ⓘ 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: $1,951 · $163/mo
• Projected year-2 tax: $1,951 · $163/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 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: $29,760
• − Mortgage interest: −$7,562
• − Property taxes: −$1,951
• − Insurance: −$675
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − Depreciation: −$3,927
• Taxable income: $10,883
• Est. tax owed @ 24.0%: −$2,612
• After-tax cash flow: $9,777/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+463.9% since first listed

12 events — show timeline

• 2026-06-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-29 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-25 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2024-09-27 Rental Removed $695 MIBOR
• 2024-09-24 Listed for Rent $695 MIBOR
• 2024-09-24 Rental Removed $695 BUILDIUM
• 2024-09-21 Listed for Rent $695 BUILDIUM
• 2023-08-08 Rental Removed $675 MIBOR
• 2023-07-28 Price Changed $675 MIBOR
• 2002-03-21 Sold (Public Records) $30,590 Public Records
• 2001-11-07 Sold (Public Records) $23,940 Public Records

Property tax history

+10.1%/yr

Latest (2025): $1,951 · -2.9% YoY. Source: county tax records.