2176 N Dexter St · Indianapolis city (balance), IN 46202

$87,500

3 bd · 1.0 ba · 1,066 sqft · SingleFamily public records · 2 Days on market

Built 1950 9,409 sqft lot Est $147k · 41% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Excellent investment opportunity with this home to make it yours however you wish. This amazing opportunity is sold AS-IS.

Key facts

• 9,409 sq ft lot
• 2 garage spots
• Built 1950

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Municipal sewer connection; Solid waste service available
• Home design: Single family residence; One story
• Construction: Wood siding exterior; Block foundation
• Exterior features: Less than 1/4 acre lot (approximately 0.22 acres)

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Hardwood floors; Basement present
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Cap rate 13.7% 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 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 soft (-0.4%/yr); 266 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $605 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,500

Questions for the listing agent

1. Built in 1950 — 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: 1.62% ✓
• Cap rate: 13.73%
• Cash-on-cash: 26.54%
• DSCR: 2.18
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $147,108
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1330 W Pruitt St	0.11mi	3/1.0	1,088 (+2%)	8mo	$150,000	$138	85
2193 N Dexter St	0.04mi	3/2.0	1,050 (-2%)	14mo	$225,000	$214	80
2041 N Dexter St	0.14mi	3/2.0	1,050 (-2%)	10mo	$227,500	$217	79
1835 Koehne St	0.36mi	2/1.0 (-1)	1,066 (0%)	2mo	$130,000	$122	76
1309 W 26th St	0.43mi	3/2.0	1,050 (-2%)	1mo	$210,000	$200	73
1303 W 25th St	0.37mi	3/2.0	1,156 (+8%)	2mo	$211,000	$183	63
1802 Sugar Grove Ave	0.41mi	3/1.0	1,008 (-5%)	11mo	$135,000	$134	62
1206 W 25th St	0.43mi	3/1.0	1,152 (+8%)	7mo	$72,750	$63	60
837 W 25th St	0.74mi	3/1.0	1,080 (+1%)	4mo	$160,000	$148	60
1006 Edgemont Ave	0.55mi	3/1.0	954 (-10%)	3mo	$75,000	$79	55
980 Edgemont Ave	0.57mi	2/1.0 (-1)	1,092 (+2%)	12mo	$72,000	$66	54
953 W 25th St	0.62mi	3/2.0	1,180 (+11%)	4mo	$160,000	$136	46

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 1.66×
• Total profit: $16,190
• Equity at exit: $13,047

10-year hold

• IRR: 23.3%
• Equity multiple: 2.74×
• Total profit: $42,520
• Equity at exit: $7,565

Cash invested: $24,500 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 266
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,416 high
• Mortgage (P&I): −$459
• Tax from tax record: −$82 /mo · $980/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $542

Break-even live

Break-even rent $730

Max offer price $87,500

Occupancy floor 57%

Sensitivity live

Price	-10% $591	-5% $567	+0% $542	+5% $517	+10% $492
Rent	-10% $430	-5% $486	+0% $542	+5% $598	+10% $654
Rate	-1.0pp $586	-0.5pp $564	base $542	+0.5pp $519	+1.0pp $496

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	45d	1	0.10mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	25d	1	0.11mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	25d	1	0.14mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	4d	1	0.24mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	25d	1	0.28mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	25d	1	0.28mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	45d	1	0.37mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	45d	1	0.41mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	5d	1	0.61mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	45d	1	0.66mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	25d	1	0.66mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	25d	1	0.66mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	3d	63	0.74mi
1449 Montcalm St Indianapolis, IN	3.0	1.0	1300	$1,900	$1.46	45d	1	0.75mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	25d	1	0.78mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	4d	4	0.89mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$2,404	$2.49	3d	36	0.91mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	45d	1	0.96mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,675	$0.91	8d	6	0.99mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	3d	9	1.00mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	45d	1	1.03mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	45d	1	1.05mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	45d	1	1.06mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	45d	1	1.10mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	45d	1	1.12mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	8d	1	1.13mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	45d	1	1.14mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	45d	1	1.14mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	25d	1	1.16mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	25d	1	1.18mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	25d	1	1.21mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	25d	1	1.22mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$3,144	$3.59	5d	1	1.23mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	45d	1	1.24mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	45d	1	1.25mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	1.25mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	1.26mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	25d	1	1.26mi
1401 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–2.0	1.0	982	$1,875	$1.91	15d	1	1.26mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	25d	1	1.28mi

Listing history 1 events

1. 2026-05-20
   listed $87,500 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: $980 · $82/mo
• Projected year-2 tax: $980 · $82/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $16,996
• − Mortgage interest: −$4,901
• − Property taxes: −$980
• − Insurance: −$438
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$2,545
• Taxable income: $5,412
• Est. tax owed @ 24.0%: −$1,299
• After-tax cash flow: $5,204/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-08 Sold (MLS) $87,500 MIBOR as Distributed by MLS Grid
• 2026-05-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-20 Listed $87,500 MIBOR as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2025): $980 · +7.5% YoY. Source: county tax records.