1118 N Traub Ave · Indianapolis city (balance), IN 46222

$72,900

2 bd · 2.0 ba · 540 sqft · MultiFamily public records · 12 Days on market

Built 1920 5,271 sqft lot $135/sqft · 31% below area ↓ 29% since listing

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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 +3.1/5.0
• 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

Subject is a duplex that has been converted to a single dwelling, It can be easily converted back to duplex rooms sizes are estimates

Key facts

• 5,271 sq ft lot
• Garage
• Built 1920

Property features AI

Finance

• Other: Lot is approximately 0.12 acres (< 1/4 acre)

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected; Electricity connected; Solid waste service available
• Home design: Single-family residence; One story; Fixer condition; North-facing
• Construction: Vinyl siding; Slab foundation
• Exterior features: Covered porch; Chain-link fence; Fence present

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Two main-level bedrooms; Primary bedroom opens to a porch
• Bathrooms: Two full bathrooms on the main level; Primary bathroom includes a full tub
• Heating & cooling: Natural gas heating; No central cooling listed
• Interior features: No built-in appliances listed; Interior areas include other/unspecified spaces
• Laundry & utility: Main-level laundry room (no laundry features listed)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $73k.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Cap rate 14.9% 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.
• Zoned schools: George Washington Carver School 87 (math 32% / reading 37%, grade F, #597 of 994 statewide, top 63%, 425 students, 53% FRL); George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL) — zoned schools average 60% FRL vs 77% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.5%/yr); 170 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 30% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $504 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 + 2.5% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $52k; 40% 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 $72,900

Questions for the listing agent

1. Built in 1920 — 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: 1.76% ✓
• Cap rate: 14.89%
• Cash-on-cash: 30.70%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

• ARV (median comp): $211,803
• List price: $72,900
• Delta: -65.58%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.02×
• Total profit: $20,767
• Equity at exit: $10,870

10-year hold

• IRR: 32.3%
• Equity multiple: 3.85×
• Total profit: $58,146
• Equity at exit: $6,303

Cash invested: $20,412 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,281 high
• Mortgage (P&I): −$382
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $522

Break-even live

Break-even rent $620

Max offer price $72,900

Occupancy floor 54%

Sensitivity live

Price	-10% $564	-5% $543	+0% $522	+5% $502	+10% $481
Rent	-10% $421	-5% $472	+0% $522	+5% $573	+10% $623
Rate	-1.0pp $559	-0.5pp $541	base $522	+0.5pp $503	+1.0pp $484

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: $18,225
• Closing costs: $2,187
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	0.27mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.30mi
1510 Stadium Way Unit 220 Indianapolis, IN	1.0	1.0	665	$1,365	$2.05	8d	1	0.47mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	0.61mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	0.67mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	20d	1	0.68mi
1165 N Concord St Indianapolis, IN	1.0	1.0	695	$775	$1.12	44d	1	0.77mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	2d	36	0.87mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	1.13mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$2,371	$2.71	4d	1	1.14mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	1.16mi
735 W 11th St Indianapolis, IN	2.0	1.0	712	$1,398	$1.96	44d	1	1.23mi
2774 Pixel DR Indianapolis, IN	1.0	1.0	750	$1,100	$1.47	44d	1	1.36mi
1226 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–3.0	1.0–3.5	1067	$1,828	$1.71	2d	10	1.44mi
1022 Doctor Martin Luther King Junior St Indianapolis, IN	1.0	1.0	645	$875	$1.36	24d	1	1.45mi

Listing history 3 events

1. 2026-05-13
   status Active 136-char remark
2. 2026-05-10
   status Pending 136-char remark
3. 2026-05-05
   listed $72,900 Active 136-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: $922 · $77/mo
• Projected year-2 tax: $922 · $77/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 ≥102°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: $15,368
• − Mortgage interest: −$4,084
• − Property taxes: −$922
• − Insurance: −$364
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$2,121
• Taxable income: $5,418
• Est. tax owed @ 24.0%: −$1,300
• After-tax cash flow: $4,966/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

-28.7% since first listed

5 events — show timeline

• 2026-06-12 Sold (MLS) $52,000 MIBOR as Distributed by MLS Grid
• 2026-05-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-05 Listed $72,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.2%/yr

Latest (2025): $922 · -3.7% YoY. Source: county tax records.