3842 N Butler Ave · Indianapolis city (balance), IN 46226

$134,900

3 bd · 1.0 ba · 988 sqft · SingleFamily public records · 16 Days on market

Built 1959 9,583 sqft lot Est $117k · 16% over

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Why this score? — see what drove the D- 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 +15.8/30.0
• DSCR +4.9/10.0
• 1% rule +4.7/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom 1 bathroom home with a 1 car detached garage is a must see. It is located near shopping and dining, it's on a bus line near the interstate and minutes from downtown.

Key facts

• 9,583 sq ft lot
• Garage
• Built 1959

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connection; Electric with circuit breakers; No solid waste service indicated
• Home design: Single family residence; One level
• Construction: Vinyl with stone and stone exterior; Crawl space foundation
• Exterior features: Lot smaller than 1/4 acre (approx. 0.22 acre); Driveway parking

Interior

• Kitchen: Eat-in kitchen; Refrigerator
• Bedrooms: Three bedrooms on the main level (sizes include 11x11, 10x11, 10x10)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Hardwood floors; Eat-in kitchen; Updated/remodeled condition; Smoke alarm; Crawl space foundation; Smoke detector(s)
• Laundry & utility: Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $62 ($741/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (3.3% below list).
• Recommended offer: $130k (3.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 D — 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 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.8%/yr); 153 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($50k/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 $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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $47k; list at $135k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,421 (3.3% below list)

Questions for the listing agent

1. Built in 1959 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.97% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $116,584
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3938 N Grand Ave	0.13mi	3/1.0	993 (+0%)	9mo	$135,000	$136	86
3505 N Emerson Ave	0.47mi	3/1.0	972 (-2%)	10mo	$115,000	$118	67
3901 Wallace Ave	0.43mi	2/1.0 (-1)	1,047 (+6%)	0mo	$55,000	$53	65
3536 N Hawthorne Ln	0.40mi	3/2.0	925 (-6%)	6mo	$149,900	$162	62
3614 N Whittier Pl	0.43mi	3/2.0	912 (-8%)	3mo	$171,999	$189	60
3904 N Graham Ave	0.57mi	3/1.0	1,080 (+9%)	1mo	$107,000	$99	57
3715 N Irvington Ave	0.30mi	4/1.0 (+1)	1,104 (+12%)	5mo	$120,000	$109	57
5415 E 34th St	0.65mi	2/1.0 (-1)	908 (-8%)	2mo	$107,000	$118	50
3302 N Butler Ave	0.71mi	3/1.0	925 (-6%)	10mo	$130,000	$141	48
3536 N Priscilla Ct	0.72mi	3/1.0	1,102 (+12%)	5mo	$133,500	$121	43
3607 N Graham Ave	0.69mi	3/1.0	1,102 (+12%)	8mo	$116,000	$105	42
4850 E 34th St	0.71mi	2/1.0 (-1)	1,125 (+14%)	5mo	$95,000	$84	34

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.66×
• Total profit: $-12,766
• Equity at exit: $20,114

10-year hold

• IRR: 5.1%
• Equity multiple: 1.45×
• Total profit: $16,821
• Equity at exit: $11,664

Cash invested: $37,772 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,304 high
• Mortgage (P&I): −$707
• Tax from tax record: −$205 /mo · $2,459/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $62

Break-even live

Break-even rent $1,226

Max offer price $134,900

Occupancy floor 90%

Sensitivity live

Price	-10% $138	-5% $100	+0% $62	+5% $24	+10% $-15
Rent	-10% $-41	-5% $10	+0% $62	+5% $113	+10% $165
Rate	-1.0pp $130	-0.5pp $96	base $62	+0.5pp $27	+1.0pp $-9

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	6d	1	0.04mi
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	23d	1	0.28mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	9d	1	0.42mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	6d	1	0.45mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	19d	1	0.54mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	25d	1	0.56mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	3d	1	0.65mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	25d	1	0.70mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	45d	1	0.71mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	25d	1	0.73mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	25d	1	0.83mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	16d	1	0.97mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	5d	1	1.15mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	0d	1	1.15mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	45d	1	1.16mi
4404 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	23d	2	1.22mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	9d	1	1.23mi
4430 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.23mi
4411 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.23mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	15d	1	1.25mi
4438 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.25mi
4429 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	0d	1	1.25mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	5d	30	1.26mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	25d	1	1.26mi
4437 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.26mi
4445 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	4d	1	1.27mi
4504 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	4d	1	1.28mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,544	$1.46	6d	1	1.29mi
4521 Park Forest Ct Indianapolis, IN	2.0	1.0	700	$1,180	$1.69	5d	1	1.30mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	25d	1	1.32mi
4537 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.35mi
4545 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.35mi
4405 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	25d	1	1.37mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	25d	1	1.39mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	45d	1	1.47mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,592	$1.57	45d	9	1.48mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	18d	1	1.48mi

Listing history 11 events

1. 2026-06-21
   days on market $134,900 Active 16 DOM
2. 2026-06-18
   days on market $134,900 Active 13 DOM
3. 2026-06-17
   days on market $134,900 Active 12 DOM
4. 2026-06-16
   days on market $134,900 Active 11 DOM
5. 2026-06-15
   days on market $134,900 Active 10 DOM
6. 2026-06-13
   days on market $134,900 Active 8 DOM
7. 2026-06-13
   days on market $134,900 Active 7 DOM
8. 2026-06-09
   days on market $134,900 Active 4 DOM
9. 2026-06-08
   days on market $134,900 Active 3 DOM
10. 2026-06-07
    remarks 620-char remark
11. 2026-06-07
    listed $134,900 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: $2,459 · $205/mo
• Projected year-2 tax: $2,459 · $205/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 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: $15,651
• − Mortgage interest: −$7,556
• − Property taxes: −$2,459
• − Insurance: −$674
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$3,924
• Taxable loss: −$1,468
• Est. tax savings @ 24.0%: +$352
• After-tax cash flow: $1,093/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+125.2% since first listed

11 events — show timeline

• 2026-06-05 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2019-03-01 Sold (MLS) $47,000 MIBOR as Distributed by MLS Grid
• 2019-02-22 Pending — MIBOR as Distributed by MLS Grid
• 2019-01-17 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2012-10-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-10-09 Sold (MLS) $19,750 MIBOR as Distributed by MLS Grid
• 2012-07-26 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2007-05-16 Sold (MLS) $72,300 MIBOR as Distributed by MLS Grid
• 2007-01-11 Listed $72,300 MIBOR as Distributed by MLS Grid
• 2005-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-04-14 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2025): $2,459 · -10.9% YoY. Source: county tax records.